For all of Calhoun County’s area real estate data, click here.
Forecast: April sales were six units or 4 percent below the Alabama Center for Real Estate’s (ACRE) monthly forecast. The 2017 sales forecast through April projected 445 closed transactions, while the actual sales were 487 units.
Supply: Calhoun County area housing inventory totaled 884 units, a decrease of 18 percent from April 2016. Inventory decreased 2 percent from the prior month. This direction contrasts with historical data that shows April inventory on average (2012-16) increases from March by 3.8 percent. The inventory-to-sales ratio during April decreased from 7.2 months of supply during April 2016 to 6.9 months of housing supply during 2017. Restated, at the April sales pace, it would take 6.9 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) during April is considered to be approximately 6 months.
Demand: April residential sales decreased 16 percent from March. Historical data from Calhoun County indicate that April sales on average (2012-16) increase from March by 6.6 percent. The average days on market until a listing sold was 99 days, down 43 percent from the previous April.
Pricing: The Calhoun County median sales price in April was $114,900, which is 6 percent lower than the previous April. Pricing can fluctuate from month to month as the sample size of data (closed transactions) is subject to seasonal buying patterns. ACRE recommends consulting with a local real estate professional to discuss prices, as they will vary from neighborhood to neighborhood.
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 Calhoun County’s April Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.