Click here to view or print the entire September report compliments of the ACRE Corporate Cabinet.

Sales: According to the North Alabama Multiple Listing Service, Marshall County sales were 47.5 percent above September 2014. Year-to-date sales through September are up as well by 8 percent or 46 units from 2014. This represents the best month of September in terms of closed sales for Marshall County since 2005, the last time home sales eclipsed 80 units in the month (109). Two more resources to review market: Quarterly Report and Annual Report

Forecast: September sales were 28 units or 45 percent above our monthly forecast. Alabama Center for Real Estate’s (ACRE) year-to-date sales forecast through September projected 606 closed transactions while the actual sales were 614 units.

Residential sales in Marshall County during September rose 10 percent above the prior month with a total of 90 units sold. This was also 47.5 percent above the sane period in 2014.

Supply: Marshall County housing inventory totaled 638 units, a decrease of 12 percent from September 2014. September inventory also decreased 3.2 percent from the prior month. This direction is consistent with historical data that indicates September inventory on average (2010-14) decreases from the month of August by 2.1 percent. Inventory levels remain elevated. The inventory-to-sales ratio in September remains higher than desired at 7.1 months of housing supply. Restated, at the September sales pace, it would take 7.1 months to absorb the current inventory for sale. This is 40 percent lower than last September’s ratio of 11.9 and 11.8 percent below August’s 8.0 months of supply. The market equilibrium (balance between supply and demand) is considered to be approximately 6.0 months during the month of September so this represents an area where continued improvement would be welcome news for market participants.

Demand: Marshall County residential sales in September residential sales increased 10 percent from the prior month. This direction contrasts with historical data indicating that September sales on average (2010-14) decrease from the month of August by 20.4 percent.

Pricing: The Marshall County area median sales price in September was $128,500, an increase of 17 percent from last September ($110,000). The September median sales price was also 12.2 percent above the prior month. Historical data indicates that the September median sales price on average (2010-14) decreases from the month of August by 4.4 percent. Pricing can fluctuate from month-to-month as the sample size of data (closed transactions) is subject to seasonal buying patterns so a broader lens as to pricing trends is appropriate and we recommend contacting a local real estate professional for additional market pricing information. 

Industry Perspective: “Our forecast for the year is largely unchanged despite recent market volatility. Fundamentals are positive, suggesting potential for some improvement in the fourth quarter,” said Fannie Mae Chief Economist Doug Duncan. “While core personal consumption expenditures experienced their weakest gain in more than four years in July, real consumer spending rebounded during the month and August auto sales were stronger than they have been in a decade. Consumers may get an added boost during the year from subdued inflation given the stronger dollar and low oil prices. Overall, we anticipate economic growth of 2.4 percent for 2015, up slightly from 2.1 percent in the prior forecast. Consumer and government spending as well as nonresidential and residential investment are expected to contribute to growth while net exports and inventory investment will likely pose headwinds.” For full report click HERE.

The average sales price in Marshall County jumped compared to the previous September. The 31 percent hike was also coupled with a 38 percent hike from August.

Average days on the market has been up and down in Marshall County in September, rising from last September (123 days) to 134 days.

Total inventory dipped 12 percent from last year in September.

Median sales price was up 16.8 percent from last September and up 12 percent from August.

Months of supply during September in Marshall County continues to fall, this time to 7.1 months of supply.

Sales were up from 82 in August to 90 in September in Marshall County.

Total residential sales bottomed out in 2012 during September in Marshall County and rose to 90 last month.

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Bryan Davis is the research/media coordinator for the Alabama Center for Real Estate housed within the Culverhouse College of Commerce at the University of Alabama. He can be reached at 205-348-5416 or at bkdavis@culverhouse.ua.edu.

The Marshall County Residential Monthly Report is work product developed in conjunction with the Marshall County Board of Realtors to better serve its area consumers. The ACRE monthly report is provided to illustrate the “general” market direction & trends when comparing prior periods with the most current available data. Real estate is local and statistics will fluctuate between areas within a city including subdivisions. ACRE recommends that you consult a local real estate professional for “specific” advice associated with your market.  The Alabama Center for Real Estate‘s core purpose is to advance the real estate industry in Alabama by providing relevant resources in the areas of research, education and outreach.