For all of Calhoun County’s area real estate data, click here.
Forecast: May sales were 39 units or 25 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. The 2018 sales forecast through May projected 662 closed transactions, while the actual sales were 682 units.
Supply: Calhoun County area housing inventory totaled 728 units, a decrease of 24.6 percent from May 2017. Inventory increased 1.8 percent from the prior month. This direction contrasts with historical data that shows May inventory on average (2013-17) decreases from April by .3 percent. The inventory-to-sales ratio during May decreased from 5.7 months of supply during May 2017 to 3.7 months of housing supply during 2018. At the May sales pace, it would take 3.7 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months.
Demand: May residential sales increased 1.2 percent from April. Historical data from Calhoun County indicate that May sales on average (2013-17) increase from April by 8.3 percent. The average days on market until a listing sold was 82 days, down 33.3 percent from the previous May.
Pricing: The Calhoun County median sales price in May was $135,000, which is 19 percent higher than the previous May. 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: In both Alabama and the United States, the spring home-buying season has been affected greatly by very low inventory levels. April residential listings decreased 10 percent in the state and decreased 6 percent nationwide from one year ago. Residential sales in Alabama, however, increased 16 percent from one year ago, which is impressive considering the 10 percent drop in inventory. Home price appreciation cooled off somewhat as the statewide median sales price increased 2 percent from one year ago, while it increased 7 percent during the first quarter of the year. Going forward, home sales prices are expected to continue their upward climb during the summer as inventory levels are likely to repeat the declines that were seen during the spring.
Click here to generate more graphs from Calhoun County’s May Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.