Sales: According to the North Alabama Multiple Listing Service, Marshall County home sales in June were 3 percent above June 2016 at 78 sales for the month. Home sales in June 2016 totaled 76 units. Year to date, sales were up 6.8 percent over the same period in 2016. Another resource to review is the Annual Report.
Click here to check out all Marshall County housing data.
Forecast: June sales were 8 units or 9 percent below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2017 sales forecast through June projected 441 closed transactions, while the actual sales were 423 units.
Supply: Marshall County housing inventory totaled 532 units, a decrease of 13 percent from June 2016. June inventory decreased 3 percent from May. This direction contrasts with historical data that indicate June inventory on average (2012-16) increases from May by 2.5 percent.
The inventory-to-sales ratio has improved to 6.8 months of supply. Restated, at the June sales pace, it would take 6.8 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during June.
Pricing: The Marshall County area median sales price in June was $111,000, a decrease of 25.6 percent from June 2016’s $149,100. The June median sales price was 10 percent below the May median sales price. Historical data indicate that the June median sales price on average (2012-16) decreases from May by 0.1 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: “While second-quarter growth is poised to rebound, we expect growth to moderate through the remainder of 2017. Consumer spending, traditionally the largest contributor to economic growth, is sluggish and is lagging positive consumer sentiment and solid hiring,” said Fannie Mae Chief Economist Doug Duncan. “While labor market slack continues to diminish, wage growth is not accelerating and inflation has moved further below the Fed’s target. These conditions support our call that the Fed will continue gradual monetary policy normalization, announce its balance sheet tapering policy in September, and wait until December for additional data, especially on inflation, before raising the fed funds rate for the third time this year.”
Click here to generate more graphs from the Marshall County June Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.