For all of Calhoun County’s area real estate data, click here.
Forecast: September sales were 12 units or 9.7 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. The 2017 sales forecast through September projected 1,130 closed transactions, while the actual sales were 1,267 units.
Supply: Calhoun County area housing inventory totaled 821 units, a decrease of 21.1 percent from September 2016. Inventory decreased 3.5 percent from the prior month. At the September sales pace, it would take 6 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months.
Demand: September residential sales decreased 16.6 percent from August. Historical data from Calhoun County indicate that September sales on average (2012-16) decrease from August by 14.4 percent. The average days on market until a listing sold was 86 days, down 24.6 percent from the previous September.
Pricing: The Calhoun County median sales price in September was $130,590, an increase of 8.9 percent from September 2016’s median sales price ($119,000). 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: “The impacts from this season’s hurricanes on the U.S. economy were wide-ranging but should dissipate over time. These include the loss of momentum in consumer spending and residential investment, as well as a decline in September payrolls and August home sales and contract signings,” said Fannie Mae Chief Economist Doug Duncan. “We expect economic activity to rebound in coming months. The recovery will likely be slower for home sales and home building, however, as the labor shortage and rising material prices will likely worsen after the hurricanes, exacerbating already-tight inventory. While we expect full-year economic growth for 2017 to come in at the same rate projected in our prior forecast, we now believe that total home sales will be essentially flat this year compared with the moderate rise predicted in the prior forecast. Despite muted underlying inflation, we continue to expect the Fed to raise rates for the third time this year in December.”
Click here to generate more graphs from Calhoun County’s September Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.