Sales: Calhoun County residential sales totaled 100 units during October, a decrease in sales of 19 percent from the same period a year earlier. After peaking at 123 units last October, sales dropped by 23 units during 2015. Year-to-date, October sales were 10 percent higher than October 2014. Two more resources to review: Quarterly Report and Annual Report
Forecast: October sales were 1 percent or one unit above our monthly forecast. Alabama Center for Real Estate’s (ACRE) year-to-date sales forecast through October projected 1,057 closed transactions while the actual sales were 1,149 units, a rise of 8.7 percent.
Supply: Calhoun County area housing inventory totaled 1,197 units, an increase of 2.3 percent or 27 units above October 2014. Inventory did drop 2 percent from the prior month. This direction compares with historical data that shows October inventory on average (2010-14) increases from the month of September by 2.3 percent. The inventory-to-sales ratio during October increased unfavorably from 9.5 months of supply during October 2014 to 12.0 during 2015. Restated, at the October sales pace, it would take 12,0 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) during the month of October is considered to be approximately 6.0 months (NSA) so this represents an area where continued improvement would be welcome news.
Demand: October residential sales also dipped 26.5 percent from the prior month. This direction is consistent with historical data from Calhoun County indicating that October sales on average (2010-14) decrease from the month of September by 7.3 percent. The average Days on Market (DOM) until a listing sold was 137 days, a 0.7 percent increase from last October.
Pricing: The Calhoun County median sales price in October was $122,000, which is 19 percent higher than last October. The median sales price also rose 22.5 percent from the prior month. This direction contrasts with historical seasonal data (2010-14) indicating that the October median sales price on average decreases from the month of September by 5.5 percent. Pricing can fluctuate from month-to-month as the sample size of data (closed transactions) is subject to seasonal buying patterns so a broader lens as it pertains to pricing trends is appropriate. We highly recommend consulting with a local real estate professional to discuss prices as it can and will vary from neighborhood to neighborhood.