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

Sales: Calhoun County residential sales totaled 97 units during November, an increase in sales of 19.8 percent from the same period a year earlier. After hitting the November bottom of 72 units during 2010, sales have largely been on the rise. Year-to-date, November sales were 10.4 percent higher than November 2014. Two more resources to review: Quarterly Report and Annual Report

Forecast: November sales were exactly on the mark with our monthly forecast. Alabama Center for Real Estate’s (ACRE) year-to-date sales forecast through November projected 1,154 closed transactions while the actual sales were 1,246 units, a rise of 7.9 percent.

Home sales during November in Calhoun County are up 19.8 percent over last year.

Supply: Calhoun County area housing inventory totaled 1,186 units, an increase of 2 percent or 23 units above November 2014. Inventory did drop 0.9 percent from the prior month. This direction contrasts with historical data that shows November inventory on average (2010-14) increases from the month of October by 4 percent. The inventory-to-sales ratio during November decreased favorably from 14.4 months of supply during November 2014 to 12.2 during 2015. Restated, at the November sales pace, it would take 12.2 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) during the month of November is considered to be approximately 6.0 months (NSA) so this represents an area where continued improvement would be welcome news.

Demand: November residential sales also dipped 3 percent from the prior month. This direction contrasts with historical data from Calhoun County indicating that November sales on average (2010-14) increase from the month of October by 4.6 percent. The average Days on Market (DOM) until a listing sold was 140 days, a 16.7 percent increase from last November.

Pricing: The Calhoun County median sales price in November was $99,900, which is 17.5 percent higher than last November. The median sales price did decrease 18.4 percent from the prior month. This direction is consistent with historical seasonal data (2010-14) indicating that the November median sales price on average decreases from the month of October by 2.5 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 it pertains to pricing trends is appropriate. We highly recommend consulting with a local real estate professional to discuss prices as it can and will vary from neighborhood to neighborhood.

Industry Perspective: “Despite mixed housing and mortgage market data, our forecast for housing activity is little changed over the past several months,” said Fannie Mae Chief Economist Dave Duncan. “The supply of existing homes remains lean amid slowing new single-family construction, putting significant upward pressure on home prices. While this helps boost home equity, it hurts affordability, especially for potential first-time homebuyers. Meanwhile, we expect mortgage rates to rise only gradually through next year, and an improving income trend should help support affordability. We foresee total home sales improving further in 2016, albeit at less than half of the 8 percent increase expected this year.” For full report click here.

The average sales price during November in Calhoun County remained steady at $119,986.

On average, homes sold spent 140 days on the market in Calhoun County.

Supply increased slightly by 2 percent to 1,186 during November compared to last year.

Compared to last November the Median sales price grew by 17.5 percent.

Months of supply is still trending toward equilibrium in Calhoun County during November.

Year-to-date sales are up 10.4 percent over last November.

Calhoun County sales bottomed out at 72 in 2010 but rose to nearly 100 this November.

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 Calhoun County Residential Monthly Report is work product developed in conjunction with the Calhoun County Area Board of Realtors to better serve Anniston 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.