Sales: According to the North Alabama Multiple Listing Service, Marshall County home sales in September were 6.5 percent below September 2016 at 72 sales for the month. Home sales in September 2016 totaled 77 units. Year to date, sales were up 4.8 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.
Supply: Marshall County housing inventory totaled 485 units, a decrease of 12.6 percent from September 2016.
The inventory-to-sales ratio has decreased to 6.7 months of supply. Restated, at the September sales pace, it would take 6.7 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months.
Pricing: The Marshall County area median sales price in September was $138,000, an increase of 22.3 percent from September 2016. The September median sales price was 11 percent above the August median sales price. Historical data indicate that the September median sales price on average (2012-16) increases from September by 0.5 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: “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 the Marshall County September Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.