Calhoun County homes selling 27 days faster on average compared to a year ago

Calhoun County homes selling 27 days faster on average compared to a year ago
The Calhoun County median home sales price in August was $149,000, an increase of 24.3 percent from the same month last year. (iStock)

Sales: Calhoun County residential sales totaled 155 units during August, down 4.9 percent from 163 sales in the same month a year earlier. August sales were up 2.6 percent compared to 151 sales in July and were 12 percent above the five-year August average of 138 sales. Two more resources to review: Quarterly Report and Annual Report.

For all Calhoun County housing data, click here.

Inventory: Homes listed for sale in Calhoun County during August totaled 868 units, an increase of 2 percent from August 2017’s 851 units, and an increase of 13.2 percent from July 2018’s 767 units. August months of supply totaled 5.6 months, an increase of 10.2 percent from July’s 5.1 months of supply.

Pricing: The Calhoun County median sales price in August was $149,000, an increase of 24.3 percent from one year ago and an increase of 14.7 percent from the prior month. This direction is consistent with historical data (2013-17) indicating that the August median sales price on average increases from July by 4.6 percent. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE highly recommends consulting with a local real estate professional to discuss pricing trends, as they will vary from neighborhood to neighborhood. The homes selling in August spent an average of 74 days on the market (DOM), a decrease of 26.7 percent from 101 days in August 2017. DOM increased 10.4 percent from 67 days in June.

Forecast: August sales were 17 units, or 9.9 percent, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 172 sales for the month, while actual sales were 155 units. ACRE forecast a total of 1,147 residential sales in the Calhoun County area year-to-date, and there were 1,147 actual sales through August.

ACRE’s statewide perspective: Residential sales in Alabama continued to grow during the late summer of 2018. Total residential sales during August increased 3.5 percent year-over-year from 5,664 to 5,862 closed transactions. Year-to-date through August, statewide residential sales are up 6.6 percent from 39,594 one year ago to 42,209. Home price appreciation in the state also continues its upward trajectory. The median sales price in August increased 2.9 percent from $158,059 to $162,711, while the year-to-date median sales price is up 4.9 percent from 2017. Although nationwide inventory levels are starting to stabilize, Alabama’s residential inventory decreased 11.4 percent from one year ago. Low inventory levels were a major factor contributing to rising sales prices during August. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during August spent an average of 95 days on the market, an improvement of 22 days from 2017.

NAR’s national perspective: During August, nationwide sales volume for existing homes increased 0.7 percent year-over-year from 535,000 to 539,000 closed transactions. According to Lawrence Yun, chief economist for the National Association of Realtors, “Strong gains in the Northeast and a moderate uptick in the Midwest helped to balance out any losses in the South and West, halting months of downward momentum. With inventory stabilizing and modestly rising, buyers appear ready to step back into the market.”

Click here to view the entire monthly report.

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

 

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