Sales: According to the North Alabama Multiple Listing Service, Marshall County home sales in April were 33 percent below April 2016 at 60 sales for the month. Home sales in April 2016 totaled 89 units. Another resource to review is the Annual Report.
Click here to check out all Marshall County housing data.
Forecast: April sales were 17 units or 22 percent below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2017 sales forecast through April projected 272 closed transactions, while the actual sales were 248 units.
Supply: Marshall County housing inventory totaled 542 units, a decrease of 6 percent from April 2016. April inventory increased 6 percent from March. This direction is consistent with historical data that indicate April inventory on average (2012-16) increases from March by 4 percent.
The inventory-to-sales ratio has improved to 9 months of supply. Restated, at the April sales pace, it would take 9 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during April.
Pricing: The Marshall County area median sales price in April was $128,500, an increase of 17 percent from April 2016’s $110,000. The April median sales price was 9 percent above the March median sales price. Historical data indicate that the April median sales price on average (2012-16) increases from March by 9 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: “The Home Purchase Sentiment Index returned to its longer-term trend line after reclaiming ground lost last month. This is aligned with our market forecast of about 3 percent sales growth in 2017,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Historically strong inflation-adjusted house price gains are tempering consumer sentiment, whereas consumer optimism regarding the ease of getting a mortgage reached a survey high. On balance, housing continues on a gradual growth track.”
Click here to generate more graphs from the Marshall County April Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.