Calhoun County May home sales up from the same period in 2015
Homes in Calhoun County are selling faster than they were a year ago, and the median sales price has increased 38 percent. (iStock)
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Sales: Calhoun County residential sales totaled 158 units during May, an increase in sales of 31.7 percent from the same period a year earlier. Year-to-date sales in Calhoun County are 26.7 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.
May home sales in Calhoun County increased 31.7 percent over May 2015.
Forecast: May sales were 22 percent or 29 units above the Alabama Center for Real Estate’s (ACRE) monthly forecast. The year-to-date sales forecast through May projected 563 closed transactions, while the actual sales were 617 units, a favorable difference of 9.5 percent.
Supply: Calhoun County area housing inventory totaled 1,079 units, a decrease of 11.2 percent from May 2015. Inventory decreased 0.7 percent from the prior month. This direction contrasts with historical data that shows May inventory on average (2011-15) increases from April by 1.1 percent. The inventory-to-sales ratio during May decreased favorably from 10.1 months of supply during May 2015 to 6.7 during 2016. Restated, at the May sales pace, it would take 6.7 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) during May is considered to be approximately 6 months, so continued improvement in this area would be welcome news.
Demand: May residential sales also increased 5.3 percent from April. This direction contrasts with historical data from Calhoun County indicating that May sales on average (2011-15) decrease from April by 1.8 percent. The average days on market until a listing sold was 111 days, 17.8 percent faster than last May.
Pricing: The Calhoun County median sales price in May was $119,750, which is 37.8 percent higher than last May. Pricing can fluctuate from month to month as the sample size of data (closed transactions) is subject to seasonal buying patterns. ACRE recommends consulting with a local real estate professional to discuss prices, as they will vary from neighborhood to neighborhood.
Industry perspective: “Continued home price appreciation has been squeezing housing affordability, driving a two-year downward trend in the share of consumers who think it’s a good time to buy a home,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “The current low mortgage rate environment has helped ease this pressure, and fewer than half of consumers expect rates to go up in the next year. While the May increase in income growth perceptions could provide further support to prospective home buyers as the spring/summer home-buying season gains momentum, the effect may be muted by May’s discouraging jobs report.” For the full report on home purchase sentiment, click here.
The Calhoun County Residential Monthly Report is developed in conjunction with the Calhoun County Area Board of Realtors to better serve Anniston-area consumers.
