For all of Calhoun County’s area real estate data, click here.
Forecast: July sales were 10 units or 7.4 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. The 2017 sales forecast through July projected 854 closed transactions, while the actual sales were 968 units.
Supply: Calhoun County area housing inventory totaled 874 units, a decrease of 16.4 percent from July 2016. Inventory decreased 1.6 percent from the prior month. This direction is consistent with historical data that shows July inventory on average (2012-16) decreases from June by 0.5 percent. The inventory-to-sales ratio during July decreased from 8 months of supply during July 2016 to 6.1 months of housing supply during 2017. Restated, at the July sales pace, it would take 6.1 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) during July is considered to be approximately 6 months.
Demand: July residential sales decreased 13.8 percent from June. Historical data from Calhoun County indicate that July sales on average (2012-16) increase from June by 3.7 percent. The average days on market until a listing sold was 89 days, down 21.9 percent from the previous July.
Pricing: The Calhoun County median sales price in July was $119,900, which is a decrease of 7.1 percent from July 2016’s median sales price ($129,000). 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: “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 Calhoun County’s July Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.