According to the Shoals Area Association of Realtors, August residential sales decreased 8.5% year-over-year from 212 to 194 closed transactions. Sales increased 16.2% from July. Two more resources to review: Quarterly Report and Annual Report.
For all of the Shoals Area’s housing data, click here.
Inventory: August listings (618) increased 4.7% from July and increased 73.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.2 months, down from 3.5 months in July and up from 1.7 months in August 2023. 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 August was $224,500, an increase of 2.9% from one year ago and a decrease of 8.4% from July. 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 August averaged 40 days on the market (DOM), 10 days slower than August 2023.
Forecast: August sales were 4 units below, or 2.0% below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 198 sales for the month, while actual sales were also 194 units. ACRE forecasted a total of 1,312 home sales year-to-date, while there were 1,249 actual sales through August, a difference of 4.8%.
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.
