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

Sales: According to the Multiple Listing Service of the Shoals Area Association of Realtors, Shoals Area residential sales totaled 136 units during April, an increase of 3 percent or four units from the same period last year. Another resource to review is the Annual Report.

For all Shoals-area real estate data, click here. 

Forecast: April sales landed 10 units above the Alabama Center for Real Estate’s monthly forecast. ACRE’s year-to-date sales forecast through April projected 460 closed transactions, and actual closed sales were at 482, a 4.7 percent positive difference.

Year-to-date home sales in the Shoals through April slipped by three units compared to the same period last year.

Supply: Shoals Area housing inventory totaled 990 units, a decrease of 9.8 percent from April 2015. Inventory also increased 1.4 percent from the prior month. Historical data suggests housing inventory increases generally by 1.7 percent from March to April. Inventory has favorably declined 17.9 percent from the April peak of 1,206 units in 2012.

The inventory-to-sales ratio in April was 7.3 months of housing supply, a decrease of 12.4 percent from last April. Restated, at the April sales pace, it would take 7.3 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during April.

Demand: April sales decreased 9.9 percent from the prior month. Historical data from 2011-15 indicates typical sales increase 9.9 percent from March to April.

Pricing: The Shoals Area median sales price in April was $124,950, an increase from $124,900 in April 2015. The median sales price also increased 8.7 percent from the prior month. This direction contrasts with historical data indicating that the April median sales price on average (2011-15) decreases by 2.5 percent from March. Pricing can fluctuate from month to month as the sample size of data (closed transactions) 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 average sales price for homes sold in Shoals during April was $155,053.

On average, homes sold in Shoals during April spent 92 days on the market.

There were 990 units listed for sale in Shoals during April.

The median sales price for homes sold during April in Shoals was $124,950.

There were 7.3 months of supply on the market in Shoals during April.

Home sales slipped by 9.9 percent compared to March sales in Shoals.

There were 136 units sold in Shoals during April.

The Shoals Area Residential Monthly Report is developed in conjunction with the Shoals Area Association of Realtors to better serve its area consumers.