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 14.3 percent above May 2015 at 80 sales for the month. Year-to-date sales in Marshall County were 11.9 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.

Residential sales in Marshall County rose 14.3 percent during May compared to last year.

Forecast: May sales were two units or 2 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s year-to-date sales forecast through May projected 336 closed transactions, while the actual sales were 320 units, an unfavorable difference of 4 percent.

Supply: Marshall County housing inventory totaled 595 units, a decrease of 18.9 percent from May 2015. May inventory increased 3.1 percent from April. This direction is consistent with historical data that indicate May inventory on average (2011-15) increases from April by 0.8 percent.

The inventory-to-sales ratio has improved to 7.4 months of supply. Restated, at the May sales pace, it would take 7.4 months to absorb the current inventory for sale. This is 29.1 percent lower than last May’s ratio of 10.5 months of supply. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during May, so continued improvement would be welcome news for market participants.

Pricing: The Marshall County area median sales price in May was $131,250, an increase of 31.3 percent from last May’s $99,950. The May median sales price was also 19.3 percent above the April median sales price. Historical data indicate that the May median sales price on average (2011-15) decreases from April by 0.9 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: “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 average sales price for homes sold in Marshall County during May was $150,866.

On average, homes sold in Marshall County during May spent 98 days on the market.

Year-to-date home sales in Marshall County through May rose 12 percent over the same period in 2015.

There were 595 homes listed for sale in Marshall County during May.

The median sales price for homes sold in Marshall County in May was $131,250.

There were 7.4 months of supply on the market in Marshall County during the month of May.

There were 80 homes sold in Marshall County during May.

The Marshall County Residential Monthly Report is developed in conjunction with the Marshall County Board of Realtors to better serve area consumers.