Marshall County homes selling much faster on average than a year ago

Marshall County homes selling much faster on average than a year ago
The Marshall County median home sales price in February was $134,500, an increase of 12.1 percent from the same month in 2018. (Brittany Faush/Alabama NewsCenter)

Sales: According to ValleyMLS.com, Marshall County residential sales totaled 66 units during February, up 24.5 percent from 53 sales in the same month a year earlier. February sales were up 37.5 percent from 48 sales in January. 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 February totaled 325 units, a decrease of 23.5 percent from February 2018’s 425 units, and a decrease of 0.6 percent from January 2019’s 327 units. The February months of supply totaled 4.9 months, a decrease of 38.6 percent from February 2018’s 8 months of supply. February’s months of supply decreased 27.7 percent from January’s 6.8 months of supply.

Pricing: The Marshall County median sales price in February was $134,500, an increase of 12.1 percent from one year ago and an increase of 8.5 percent from the prior month. This direction is inconsistent with historical data (2014-18) indicating that the February median sales price on average decreases from January by 0.1 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 February was 73 days, a decrease of 33.6 percent from 110 days in February 2018, and also a decrease of 33.6 percent from 110 days in January.

Forecast: February sales were two units, or 3.1 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 64 sales for the month, and actual sales were 66 units. ACRE forecast a total of 122 residential sales in Marshall County year-to-date, while there were 114 actual sales in 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 Marshall County Residential Monthly Report is developed in conjunction with the Marshall County Board of Realtors to better serve area consumers.

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