Sales: Calhoun County residential sales totaled 102 units during January, an increase in sales of 6.3 percent from the same period a year earlier. Home sales in Calhoun County during January 2016 totaled 96 units. Two more resources to review: Quarterly Report and Annual Report.
For all of Calhoun County’s area real estate data, click here
Forecast: January sales were 19 units or 17 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. The sales forecast through January projected 87 closed transactions, while the actual sales were 102 units.
Supply: Calhoun County area housing inventory totaled 932 units, a decrease of 17 percent from January 2016. Inventory decreased 2 percent from the prior month. This direction contrasts with historical data that shows January inventory on average (2012-16) increases from December by 0.5 percent.
The inventory-to-sales ratio during January decreased from 11.8 months of supply during January 2016 to 9.1 months of housing supply during 2016. Restated, at the January sales pace, it would take 9.1 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) during January is considered to be approximately 6 months, so continued improvement in this area would be welcome news.
Demand: January residential sales were unchanged from December. Historical data from Calhoun County indicates that January sales on average (2012-16) increase from December by 15.4 percent. The average days on market until a listing sold was 112 days, down 1.8 percent from the previous January.
Pricing: The Calhoun County median sales price in January was $114,450, which is 8 percent lower than the previous January. 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: “We expect housing to remain resilient and continue its recovery in 2017, with affordability standing out as the industry’s greatest obstacle, particularly for first-time homeowners,” said Fannie Mae Chief Economist Doug Duncan. “Demographic factors, however, are positive. Our research shows that older millennials have begun to buy homes and close the homeownership attainment gap with their predecessors.”
Click here to generate more graphs from Calhoun County’s January Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.