Calhoun County median home sales price up 3.6% from one year ago

Calhoun County median home sales price up 3.6% from one year ago
The number of homes sold in May was 4.9% above the five-year May average. (iStock)

Sales: According to the Calhoun County Area Board of Realtors, Inc., residential sales in the Anniston area totaled 158 units during May, down 19% from 195 sales in the same month a year earlier. May sales were up 10.5% compared to 143 sales in April and were 4.9% above the five-year May average of 151 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 May totaled 615 units, a decrease of 15.5% percent from May 2018’s 728 units and an increase of 3% from April 2019’s 597 units. May months of supply totaled 3.9 months, an increase of 4.3% from May 2018’s 3.7 months of supply.

Pricing: The Calhoun County median sales price in May was $139,900, an increase of 3.6% from one year ago and an increase of 7.7% from the prior month. This direction is inconsistent with historical data (2014-18) indicating that the May median sales price on average decreases from April by 1.1%. 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 May spent an average of 96 days on the market (DOM), an increase of 17.1% from 82 days in May 2018 and an increase of 28% from 75 days in April.

Forecast: May sales were 12 units, or 7.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 170 sales for the month, while actual sales were 158 units. ACRE forecast a total of 708 residential sales in the Calhoun County area year-to-date, while there were 666 actual sales through May.

ACRE’s statewide perspective: While nationwide residential sales dropped 1% in April, demand for housing in Alabama remained strong. Statewide residential sales increased 4.4% from 5,574 closed transactions in April 2018 to 5,820 in April 2019. Year-to-date, sales increased 3.8% from 2018. Home price appreciation in the state continued to climb as the median sales price in April increased 3.2% year-over-year from $155,250 to $160,283. The statewide median sales price is also up 3.2% year-to-date. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 10.7% 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% from approximately 460,000 closed transactions one year ago to 455,000 currently. The nationwide median existing-home price increased 3.6% 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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