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Forecast: May sales were 17 units or 21.3 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2018 sales forecast through May projected 336 closed transactions, while the actual sales were 346 units.
Supply: Marshall County housing inventory totaled 397 units, a decrease of 27.4 percent from May 2017. May inventory decreased 5 percent from April. This direction is inconsistent with historical data indicating that May inventory on average (2013-17) increases from April by 1.8 percent. The inventory-to-sales ratio for May was 4.1 months of supply. At the May sales pace, it would take 4.1 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 May was $142,900, an increase of 16.2 percent from May 2017’s $123,000. The May median sales price was 7.7 percent above the April median sales price. Historical data indicate that the May median sales price on average (2013-17) increases from April by 1.2 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: 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 the Marshall County May Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.