Calhoun County year-to-date home sales up 10.4 percent in March
Calhoun County home sales are up 10.4 percent so far in 2016 compared with the same period last year. (iStock)
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Sales: Calhoun County residential sales totaled 111 units during March, a decrease in sales of 5.1 percent from the same period a year earlier. Year-to-date sales in Calhoun County are 10.4 percent ahead of the same period last year. Two more resources to review: Quarterly Report and Annual Report.
For all of Calhoun County’s area real estate data, click here.
Forecast: March sales were 10.4 percent or 13 units below the Alabama Center for Real Estate’s (ACRE) monthly forecast. The year-to-date sales forecast through March projected 304 closed transactions while the actual sales were 309 units, a favorable difference of 1.6 percent.
Year-to-date residential sales were up 10.4 percent over the same period last year in Calhoun County during March.
Supply: Calhoun County area housing inventory totaled 1,087 units, a decrease of 9 percent or 109 units below March 2015. Inventory decreased 1 percent from the prior month. This direction is consistent with historical data that shows March inventory on average (2011-15) decreases from February by 5 percent. The inventory-to-sales ratio during March decreased favorably from 10.2 months of supply during March 2015 to 9.8 during 2016. Restated, at the March sales pace, it would take 9.8 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) during March is considered to be approximately 6 months (NSA), so continued improvement in this area would be welcome news.
Demand: March residential sales also increased 8.8 percent from the prior month. This direction is consistent with historical data from Calhoun County indicating that March sales on average (2011-15) increase from February by 35.7 percent. The average Days on Market (DOM) until a listing sold was 148 days, 19.4 percent slower than last March.
Pricing: The Calhoun County median sales price in March was $108,000, which is 5.4 percent higher than last March. 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. ACRE recommends consulting with a local real estate professional to discuss prices, as they will vary from neighborhood to neighborhood.
Industry perspective: “Growing pessimism over the last three months about the direction of the economy seems to be spilling over into home purchase sentiment,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “The gap between the share of consumers who think the economy is on the wrong track and the share who think it is on the right track has widened, nearly matching its reading last August, when concerns regarding China and oil prices led to the biggest stock market plunge in years. In turn, we saw dips this month in income growth perceptions, attitudes about the home selling climate, and job confidence, all of which contributed to the lowest Home Purchase Sentiment Index (HPSI) reading in the last year and a half. These declines seem to be at odds with recent news of solid overall job creation, but may reflect weakening economic performance in certain industries.”
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.
