Sales: According to ValleyMLS.com, Marshall County residential sales totaled 79 units during March, up 5.3 percent from 75 sales in the same month a year earlier. March sales were up 19.7 percent from 55 sales in February. 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 March totaled 352 units, a decrease of 19.6 percent from March 2018’s 438 units but an increase of 8.3 percent from February 2019’s 325 units. The March months of supply totaled 4.5 months, a decrease of 23.7 percent from March 2018’s 5.8 months of supply. March’s months of supply decreased 9.5 percent from February’s 4.9 months of supply.
Pricing: The Marshall County median sales price in March was $147,500, an increase of 18.1 percent from one year ago and an increase of 9.7 percent from the prior month. This direction is consistent with historical data (2014-18) indicating that the March median sales price on average increases from February by 2.6 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 March was 80 days, a decrease of 45.9 percent from 148 days in March 2018, but an increase of 9.6 percent from 73 days in February.
Forecast: March sales were seven units, or 8.1 percent, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 86 sales for the month, and actual sales were 79 units. ACRE forecast a total of 208 residential sales in Marshall County year-to-date, while there were 193 actual sales through March, a difference of 7.2 percent.
ACRE’s statewide perspective: While nationwide residential sales dropped 8 percent in March, demand for housing in Alabama remained strong. Statewide residential sales increased slightly (0.02 percent) from 5,341 closed transactions in March 2018 to 5,342 in March 2019. Year-to-date, sales increased 3.6 percent from 2018. Home price appreciation in the state continued to climb but at a slower pace as the median sales price in March increased 2.6 percent year-over-year from $158,617 to $162,759. The statewide median sales price is also up 3.6 percent year-to-date. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 11.3 percent from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and in the spring buying season 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 March spent an average of 99 days on the market, an improvement of 19 days from March 2018.
NAR’s national perspective: During March, total existing-home sales nationwide declined 7.8 percent from approximately 434,000 closed transactions one year ago to 400,000 currently. The nationwide median existing-home price increased 3.8 percent in March, marking 85 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “It is not surprising to see a retreat after a powerful surge in sales in the prior month. Still, current sales activity is underperforming in relation to the strength in the jobs markets. The impact of lower mortgage rates has not yet been fully realized.”
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.