Calhoun County median home sales price in April up 12 percent from prior month

Calhoun County median home sales price in April up 12 percent from prior month
The Calhoun County median home sales price in April was $129,900. (iStock)

Sales: According to the Calhoun County Area Board of Realtors, Inc., residential sales in the Anniston area totaled 143 units during April, down 6.5 percent from 153 sales in the same month a year earlier. April sales were down 15.9 percent compared to 170 sales in March and were 7.5 percent above the five-year April average of 133 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 April totaled 597 units, a decrease of 16.5 percent from April 2018’s 715 units and a decrease of 5.1 percent from March 2019’s 629 units. April months of supply totaled 4.2 months, a decrease of 10.7 percent from April 2018’s 4.7 months of supply.

Pricing: The Calhoun County median sales price in April was $129,900, a decrease of 1.5 percent from one year ago and an increase of 11.6 percent from the prior month. This direction is consistent with historical data (2014-18) indicating that the April median sales price on average increases from March by 10.3 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 April spent an average of 75 days on the market (DOM), a decrease of 7.4 percent from 81 days in April 2018 and a decrease of 15.7 percent from 89 days in March.

Forecast: April sales were 19 units, or 11.7 percent, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 162 sales for the month, while actual sales were 143 units. ACRE forecast a total of 538 residential sales in the Calhoun County area year-to-date, while there were 508 actual sales through April.

ACRE’s statewide perspective: While nationwide residential sales dropped 1 percent in April, demand for housing in Alabama remained strong. Statewide residential sales increased 4.4 percent from 5,574 closed transactions in April 2018 to 5,820 in April 2019. Year-to-date, sales increased 3.8 percent from 2018. Home price appreciation in the state continued to climb as the median sales price in April increased 3.2 percent year-over-year from $155,250 to $160,283. The statewide median sales price is also up 3.2 percent year-to-date. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 10.7 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 April spent an average of 93 days on the market, an improvement of three days from April 2018.

NAR’s national perspective: During April, total existing-home sales nationwide declined 1.1 percent from approximately 460,000 closed transactions one year ago to 455,000 currently. The nationwide median existing-home price increased 3.6 percent in April, marking 86 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “First, we are seeing historically low mortgage rates combined with a pent-up demand to buy, so buyers will look to take advantage of these conditions. Also, job creation is improving, causing wage growth to align with home price growth, which helps affordability and will help spur more home sales.”

 

 

 

 

 

 

 

 

 

 

 

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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