Marshall County April home sales jump 46 percent over same time last year
Marshall County home sales took a big jump in April from April 2015 sales figures. (iStock)
Click here to view or print the entire monthly report compliments of the ACRE Corporate Cabinet.
Sales: According to the North Alabama Multiple Listing Service, Marshall County sales were 45.9 percent above April 2015 at 89 sales for the month. Year-to-date sales in Marshall County are 46 percent above the same period last year. Another resource to review is the Annual Report.
Click here to check out all Marshall County housing data.
Forecast: April sales were 18 units or 25 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s year-to-date sales forecast through April projected 258 closed transactions, while the actual sales were 240 units, an unfavorable difference of 7 percent.
Year-to-date home sales in Marshall County during April rose 11 percent over last year.
Supply: Marshall County housing inventory totaled 577 units, a decrease of 20.9 percent from April 2015. April inventory increased 2.7 percent from March. This direction is consistent with historical data that indicate April inventory on average (2011-15) increases from March by 3 percent.
The inventory-to-sales ratio has improved to 6.5 months of supply. Restated, at the April sales pace, it would take 6.5 months to absorb the current inventory for sale. This is 45.8 percent lower than last April’s ratio of 12 months of supply. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during April, so continued improvement would be welcome news for market participants.
Pricing: The Marshall County area median sales price in April was $110,000, an increase of 6.8 percent from last April’s $103,000. The April median sales price was also 2.3 percent above the March median sales price. Historical data indicate that the April median sales price on average (2011-15) increases from March by 10.3 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: “We can partially attribute the sizable gain in April in home-selling optimism both to a correction for last month’s unexpected dip and to typical seasonal strength in housing activity in the spring and summer,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Even after accounting for these factors, continued tight housing supply has led to renewed strength in home price appreciation, making selling a home a more attractive prospect this year in particular. This improved sentiment could provide an extra boost of much-needed supply for the spring selling season.” For the entire report, click here.
The Marshall County Residential Monthly Report is developed in conjunction with the Marshall County Board of Realtors to better serve area consumers.
