Calhoun County February home sales up 16 percent from one year ago

Calhoun County February home sales up 16 percent from one year ago
The Calhoun County homes that sold in February moved significantly faster than those that sold in the same month last year. (iStock)

Sales: According to the Calhoun County Area Board of Realtors, Inc., residential sales in the Anniston area totaled 108 units during February, up 16.1 percent from 93 sales in the same month a year earlier. February sales were up 24.1 percent compared to 87 sales in January and were 20.8 percent above the five-year February average of 89 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 February totaled 631 units, a decrease of 17.8 percent from February 2018’s 768 units, and a decrease of 4.7 percent from January 2019’s 662 units. February months of supply totaled 5.8 months, a decrease of 29.2 percent from February 2018’s 8.3 months of supply. February’s months of supply decreased 23.2 percent from January’s 7.6 months of supply.

Pricing: The Calhoun County median sales price in February was $125,675, a decrease of 4.1 percent from one year ago and a decrease of 10.2 percent from the prior month. This direction is inconsistent with historical data (2014-18) indicating that the February median sales price on average increases from January by 1.8 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 February spent an average of 87 days on the market (DOM), a decrease of 17.9 percent from 106 days in February 2018 and a decrease of 9.4 percent from 96 days in January.

Forecast: February sales were nine units, or 7.7 percent, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 117 sales for the month, while actual sales were 108 units. ACRE forecast a total of 224 residential sales in the Calhoun County area year-to-date, while there were 195 actual sales through February.

ACRE’s statewide perspective: Statewide residential sales in February increased 10.9 percent year-over-year from 3,807 to 4,222 closed transactions. Year-to-date sales increased 6.4 percent from 2018. Home price appreciation in the state continued to climb, but at a slower pace, as the median sales price in February increased 3 percent year-over-year from $152,771 to $157,319. The statewide median sales price is also up 4.2 percent year-to-date. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 8.9 percent from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and in the early months of 2019. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during February spent an average of 99 days on the market, an improvement of 27 days from February 2018.

NAR’s national perspective: During February, total existing-home sales nationwide declined 2.2 percent from approximately 319,000 closed transactions one year ago to 312,000 currently. The nationwide median existing-home price increased 3.6 percent in February, marking 84 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “It is very welcoming to see more inventory showing up in the market. For sustained growth, significant construction of moderately priced homes is still needed. More construction will help boost local economies and more home sales will help lessen wealth inequality as more households can enjoy in housing wealth gains.”

 

 

 

 

 

 

 

 

 

 

 

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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