Sales: According to the North Alabama Multiple Listing Service, Marshall County home sales in January were 19.5 percent above January 2016 at 49 sales for the month. Home sales in January 2016 totaled 41 units. Another resource to review is the Annual Report.
Click here to check out all Marshall County housing data.
Forecast: January sales were five units or 9 percent below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s sales forecast for January projected 54 closed transactions, while the actual sales were 49 units, a negative difference of 9 percent.
Supply: Marshall County housing inventory totaled 509 units, a decrease of 4 percent from January 2016. January inventory increased 3 percent from December. This direction is consistent with historical data that indicate January inventory on average (2012-16) increases from December by 2.3 percent.
The inventory-to-sales ratio has improved to 10.4 months of supply. Restated, at the January sales pace, it would take 10.4 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during January, so continued improvement would be welcome news for market participants.
Pricing: The Marshall County area median sales price in January was $110,000, a decrease of 12 percent from January 2016’s $125,000. The January median sales price was 7 percent below the December median sales price. Historical data indicate that the January median sales price on average (2012-16) increases from December by 4 percent. Pricing can fluctuate from month to month as the sample size of data is subject to seasonal buying patterns. ACRE recommends contacting a local real estate professional for additional market pricing information.
Industry perspective: “We expect housing to remain resilient and continue its recovery in 2017, with affordability standing out as the industry’s greatest obstacle, particularly for first-time homeowners,” said Fannie Mae Chief Economist Doug Duncan. “Demographic factors, however, are positive. Our research shows that older millennials have begun to buy homes and close the homeownership attainment gap with their predecessors.”
Click here to generate more graphs from the Marshall County January Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.