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 143 units during September, down 3.4 percent from the same period last year. Another resource to review is the Annual Report. Year to date, sales through September were up 0.6 percent from the same period last year.

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

Home sales in Shoals through September were up 0.6 percent compared to the same period in 2015.

Forecast: September’s 143 home sales were 10 units or 7 percent above the Alabama Center for Real Estate’s monthly forecast. ACRE’s year-to-date sales forecast through September projected 1,178 closed transactions, and actual closed sales were at 1,262, a 7 percent positive difference.

Supply: Shoals area housing inventory totaled 999 units, a decrease of 10 percent from September 2015. Inventory has favorably declined 22 percent from the September peak of 1,288 units in 2010.

The inventory-to-sales ratio in September was 7 months of housing supply, a decrease of 6.6 percent from last September. Restated, at the September sales pace, it would take 7 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during September.

Demand: September sales decreased 12 percent from the prior month. Historical data from 2011-15 indicate sales typically decrease 12.6 percent from August to September.

Pricing: The Shoals area median sales price in September was $134,000, a 14.3 percent increase from $117,216 in September 2015. The median sales price increased 2 percent from the prior month. This direction contrasts with historical data indicating that the September median sales price on average (2011-15) decreases by 4.2 percent from August. 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: “The decline in the HPSI (Home Purchase Sentiment Index) over the past two months from the survey-high in July of 86.5 adds a note of caution to our moderately positive housing outlook,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Downside changes came in particular from the HPSI components ‘mortgage rate direction’ and ‘good time to buy a house.’ In addition, the starter home tight supply and rising home prices as well as the unsettled political environment are likely giving many consumers a reason to pause or question their home purchase sentiment.” For the full report, click here.

Click here to generate more graphs from the Shoals September Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply. 

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