Sales: Calhoun County residential sales totaled 132 units during September, up 10.9 percent from the prior year. Year-to-date sales are up 17.2 percent from 2016. Two more resources to review: Quarterly Report and Annual Report.
For all of Calhoun County’s area real estate data, click here.
Forecast: October sales were 16 units or 13.7 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. The 2017 sales forecast through October projected 1,246 closed transactions, while the actual sales were 1,399 units.
Supply: Calhoun County area housing inventory totaled 805 units, a decrease of 20 percent from October 2016. Inventory decreased 1.9 percent from the prior month. At the October 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: October residential sales decreased 2.9 percent from September. Historical data from Calhoun County indicate that October sales on average (2012-16) decrease from September by 6.5 percent. The average days on market until a listing sold was 132 days, down 9.1 percent from the previous October.
Pricing: The Calhoun County median sales price in September was $114,900, a decrease of 11.5 percent from October 2016’s median sales price ($129,900). 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 first print of third-quarter economic growth showed surprising resiliency. The expected economic hit from the recent natural disasters either failed to materialize or was drowned out by business optimism,” said Fannie Mae Chief Economist Doug Duncan. “Recent data showed a stronger pickup in domestic demand than anticipated, leading us to increase our growth forecast for the final quarter of this year and coming quarters. We also revised higher our 2018 growth forecast to 2 percent. Tax cuts, if enacted, present upside risk to our growth forecast for next year but could also lead to more aggressive Fed action. Housing still remains a drag on the economy, as shortages of labor and available lots, coupled with rising building material prices, further complicate existing inventory, affordability and sales challenges.”
Click here to generate more graphs from Calhoun County’s October Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.