Sales: According to the North Alabama Multiple Listing Service, Marshall County home sales in July were 10.6 percent below July 2016 at 76 sales for the month. Home sales in July 2016 totaled 85 units. Year to date, sales were up 3.7 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: July sales were 8 units or 9.5 percent below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2017 sales forecast through June projected 525 closed transactions, while the actual sales were 499 units.
Supply: Marshall County housing inventory totaled 503 units, a decrease of 13.4 percent from July 2016. July inventory decreased 5.5 percent from June. This direction is consistent with historical data that indicate July inventory on average (2012-16) decreases from June by 2.6 percent.
The inventory-to-sales ratio has improved to 6.6 months of supply. Restated, at the July sales pace, it would take 6.6 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during July.
Pricing: The Marshall County area median sales price in July was $143,500, the same as in July 2016. The July median sales price was 29.3 percent above the June median sales price. Historical data indicate that the July median sales price on average (2012-16) increases from June by 12.6 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 are keeping our full-year economic growth outlook at 2 percent as risks to our forecast are roughly balanced,” said Fannie Mae Chief Economist Doug Duncan. “On the upside, consumer spending growth might not moderate as much as we have accounted for in our forecast. A build-up in inventory also should be positive for growth this quarter, and nonresidential investment in structures will likely continue to improve as oil prices stabilize.”
Click here to generate more graphs from the Marshall County July Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.