Sales: According to the ValleyMLS.com, Marshall County residential sales totaled 78 units during October, up 18.2 percent from 66 sales in the same month a year earlier. October sales were also up 13 percent compared to 69 sales in September. Two more resources to review: Quarterly Report and the Annual Report.

For all Marshall County home sales data, click here.

Inventory: Homes listed for sale in Marshall County in October totaled 347 units, a decrease of 24.9 percent from October 2017’s 462 units, and a decrease of 10.6 percent from September 2018’s 388 units. The October months of supply totaled 4.4 months, a decrease of 36.4 percent from October 2017’s 7 months of supply. October’s months of supply also decreased 20.9 percent from September’s 5.6 months of supply.

Pricing: The Marshall County median sales price in October was $152,000, an increase of 8.6 percent from one year ago and an increase of 16.9 percent from the prior month. This direction is consistent with historical data (2013-17) indicating that the October median sales price on average increases from September by 2.7 percent. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood. The average number of days on the market (DOM) for the homes sold during October was 104 days, an increase of 6.1 percent from 98 days in October 2017, and an increase of 40.5 percent from 74 days in September.

Forecast: October sales were 12 units, or 18.1 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 66 sales for the month, and actual sales were 78 units. ACRE forecast a total of 712 residential sales in Marshall County year-to-date, while there were 778 actual sales through October.

ACRE’s statewide perspective: While nationwide sales declined during September, residential sales in Alabama continued to grow during the early fall of 2018. Total residential sales in Alabama increased 8.5 percent year-over-year from 4,678 to 5,074 closed transactions. Year-to-date through September, statewide residential sales are up 6.8 percent from 44,272 one year ago to 47,283 currently. Home price appreciation in the state grew but at a slower pace than in previous months. The median sales price in September increased 0.6 percent from $161,480 to $162,482 while the year-to-date median sales price is up 4.4 percent from 2017. Although nationwide inventory levels are starting to stabilize, Alabama’s residential inventory decreased 8.9 percent from one year ago. Low inventory levels were a major factor contributing to rising sales prices throughout 2018. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during September spent an average of 90 days on the market, an improvement of 18 days from 2017.

NAR’s national perspective: During September, nationwide sales volume for existing homes decreased 9.1 percent year-over-year from 462,000 to 420,000 closed transactions. According to Lawrence Yun, chief economist for the National Association of Realtors, rising interest rates played a significant role in September sales declines in markets across the nation. “This is the lowest existing home sales level since November 2015,” he said. “A decade’s high mortgage rates are preventing consumers from making quick decisions on home purchases. All the while, affordable home listings remain low, continuing to spur underperforming sales activity across the country.”

Click here to view the entire monthly report.

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