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

Sales: According to the Valley Multiple Listing Service, Gadsden-area residential sales totaled 93 units during April, up 50 percent from April 2015. Year-to-date sales are 29 percent or 70 units higher than the same period in 2015. Two more resources to review: Quarterly Report and Annual Report.

Click here to view all of ACRE’s Gadsden residential data.

Forecast: April sales were 25 units or 36 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’S year-to-date sales forecast through April projected 246 closed transactions, while the actual sales were 313 units, a favorable difference of 27 percent.

Year-to-date Gadsden home sales through April rose 28.8 percent over the same period a year ago.

Supply: Gadsden area housing inventory totaled 659 units. The April supply rose 1.5 percent from March. This direction is consistent with historical data that indicate April inventory on average (2011-15) increases from March by 1.9 percent.

The inventory-to-sales ratio in April remains higher than desired at 7.1 months of housing supply. Restated, at the April sales pace, it would take 7.1 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be about 6 months during April, so this represents an area where continued improvement would be welcome news. The encouraging news is that the months of supply have dropped 52 percent from the April peak of 14.9 months of supply reached in 2011.

Demand: April residential sales were up 10.7 percent from March. Historical data indicate that April sales on average (2011-15) increase from March by 2 percent.  

Pricing: The Gadsden-area median sales price in April was $90,000, a decrease of 17.6 percent from last April ($109,250). The median sales price increased 0.3 percent compared to the prior month. This direction is consistent with historical data (2011-15) indicating that the April median sales price typically increases from March by 7.7 percent. 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 Gadsden during April was $108,322.

On average, homes sold in Gadsden during April spent 165 days on the market.

There were 659 units listed for sale in Gadsden during April.

The median sales price for homes sold during April in Gadsden was $90,000.

There were 7.1 months of supply on the market in Gadsden during April.

Home sales rose 10.7 percent from March during April in Gadsden.

There were 93 homes sold in Gadsden during April.

The Gadsden Residential Monthly Report is developed in conjunction with the Etowah-Cherokee County Association of Realtors to better serve its area consumers.