According to the Shoals Area Association of Realtors, March residential sales decreased 4.3% year-over-year from 164 to 157 closed transactions. Sales increased 16.3% from February. Two more resources to review: Quarterly Report and Annual Report.
For all of the Shoals Area’s housing data, click here.
Inventory: March listings (628) decreased by 4.6% from February and increased 37.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.0 months, down from 4.9 months in February and up from 2.8 months in March 2024. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The area’s median sales price in March was $235,000, down 5.3% from March 2024 and a decrease of 9.6% from February. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Homes sold in March averaged 53 days on the market (DOM), 6 days slower than March 2024.
Forecast: March sales were 18 units, or 10.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 175 sales for the month, while actual sales were 157 units. ACRE forecasted a total of 435 home sales year-to-date, while there were 403 actual sales through March, a difference of 7.3%
Click here to view the entire monthly report.
The Shoals Area Residential Monthly Report is developed in conjunction with the Shoals Area Association of Realtors to better serve area consumers.
