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 177 units during June, up 7.3 percent from the same period last year. Another resource to review is the Annual Report.

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

Shoals residential sales in June rose 7.3 percent over the same month in 2015.

Forecast: June sales landed 22 units above the Alabama Center for Real Estate’s monthly forecast. ACRE’s year-to-date sales forecast through June projected 749 closed transactions, and actual closed sales were at 808, a 7.8 percent positive difference.

Supply: Shoals Area housing inventory totaled 986 units, a decrease of 11.7 percent from June 2015. Inventory also decreased by 10 units from the previous month. Historical data suggests housing inventory increases generally by 1.1 percent from May to June. Inventory has favorably declined 18.2 percent from the June peak of 1,206 units in 2012.

The inventory-to-sales ratio in June was 5.6 months of housing supply, a decrease of 17.7 percent from last June. Restated, at the June sales pace, it would take 5.6 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during June.

Demand: June sales increased 10.8 percent from the prior month. Historical data from 2011-15 indicate typical sales increase 5.8 percent from May to June.

Pricing: The Shoals Area median sales price in June was $122,350, a decrease from $126,500 in June 2015. The median sales price increased 2.9 percent from the prior month. This direction is consistent with historical data indicating that the June median sales price on average (2011-15) increases by 5.1 percent from May. 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: “Housing activity is gaining strength heading into the summer, with pending home sales rising to a decade high. In addition, new home sales surged to an expansion best, a positive for single-family homebuilding, especially since only a small share of new homes for sale are completed and ready to occupy,” said Fannie Mae Chief Economist Doug Duncan in the organization’s June Economic Outlook. “However, recent pullbacks in construction hiring, likely due to a shortage of skilled workers, could weigh on the outlook for the sector. With little improvement in the current housing supply picture so far, we expect only moderate housing expansion this year.” For the full report, click here.

The average sales price for homes sold in the Shoals area during June was $137,268.

On average, homes sold in the Shoals area during June spent 102 days on the market.

Year-to-date home sales through June in the Shoals area rose 1.1 percent over last year.

There were 986 units listed for sale in the Shoals area during June.

The median sales price for homes sold in the Shoals area during June was $122,350.

There were 5.6 months of housing supply on the market in the Shoals area during June.

There were 177 homes sold in the Shoals area during June.

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