Calhoun County home sales up 8 percent from one year ago

Calhoun County home sales up 8 percent from one year ago
The homes that sold in Calhoun County during November moved 61 days faster on average than those that sold in the same month last year. (iStock)

Sales: Calhoun County residential sales totaled 125 units during November, up 7.8 percent from 116 sales in the same month a year earlier. November sales were down 23.8 percent compared to 164 sales in October and were 27.6 percent above the five-year November average of 98 sales. Another resource to review is the Annual Report.

For all Calhoun County housing data, click here.

Inventory: Homes listed for sale in Calhoun County during November totaled 718 units, a decrease of 6.5 percent from November 2017’s 768 units, and a decrease of 5.8 percent from October 2018’s 762 units. November months of supply totaled 5.7 months, an increase of 23.6 percent from October’s 4.6 months of supply.

Pricing: The Calhoun County median sales price in November was $124,900, a decrease of 0.3 percent from one year ago and a decrease of 14.6 percent from the prior month. This direction is consistent with historical data (2013-17) indicating that the November median sales price on average decreases from October by 10.6 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 November spent an average of 63 days on the market (DOM), a decrease of 49.2 percent from 124 days in November 2017.

Forecast: November sales were three units, or 2.3 percent, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 128 sales for the month, while actual sales were 125 units. ACRE forecast a total of 1,548 residential sales in the Calhoun County area year-to-date, and there were 1,578 actual sales through November.

ACRE’s statewide perspective: While nationwide sales declined 2.6 percent during October, residential sales in Alabama continued to grow during the fall of 2018. Total residential sales in Alabama increased 9.1 percent year-over-year from 4,473 to 4,880 closed transactions. Year-to-date through October, statewide residential sales are up 7 percent from 48,745 one year ago to 52,163 currently. Home price appreciation in the state continued to grow as the median sales price in October increased 7.1 percent year-over-year from $146,458 to $156,872. The year-to-date median sales price is up 4.8 percent from 2017. Although nationwide inventory levels increased 2.8 percent in October, Alabama’s residential inventory decreased 9.2 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 October spent an average of 98 days on the market, an improvement of 15 days from 2017.

NAR’s national perspective:  During October, nationwide inventory for existing homes increased 2.8 percent year-over-year from 1.8 million to 1.85 million residential listings. According to Lawrence Yun, chief economist for the National Association of Realtors, “As more inventory enters the market and we head into the winter season, home price growth has begun to slow more meaningfully. This allows for much more manageable, less frenzied buying conditions.”

 

 

 

 

 

 

 

 

 

 

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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