Sales: According to the North Alabama Multiple Listing Service, Marshall County home sales in April were 10 percent higher than in April 2017 at 66 sales for the month. Home sales in April 2017 totaled 60 units. Another resource to review is the Annual Report.
Click here to check out all Marshall County housing data.
Forecast: April sales were six units or 8 percent below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2018 sales forecast through April projected 256 closed transactions, while the actual sales were 249 units.
Supply: Marshall County housing inventory totaled 418 units, a decrease of 22.9 percent from April 2017. April inventory decreased 4.6 percent from March. This direction is inconsistent with historical data indicating that April inventory on average (2013-17) increases from March by 1.7 percent.
The inventory-to-sales ratio for April was 6.3 months of supply. At the April sales pace, it would take 6.3 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during April.
Pricing: The Marshall County area median sales price in April was $132,625, an increase of 3.2 percent from April 2017’s $128,500. The April median sales price was 6.2 percent above the March median sales price. Historical data indicate that the April median sales price on average (2013-17) increases from March by 5.3 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: Statewide, residential real estate sales continued to show growth during the first quarter of 2018 as they grew 2.4 percent from the first quarter of 2017. Low inventory levels, however, played a large role in driving prices upward. During the first quarter of the year, the statewide median sales price increased 7.1 percent from one year ago. Although good news for sellers, this price growth, combined with rising interest rates, could lead to affordability issues for buyers in today’s markets.
Click here to generate more graphs from the Marshall County April Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.