Sales: According to ValleyMLS.com, Marshall County residential sales totaled 76 units during May, down 21.6% from 97 sales in the same month a year earlier. May sales were down 8.4% from 83 sales in April. 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 May totaled 383 units, a decrease of 3.5% from May 2018’s 418 units but an increase of 5.2% from April 2019’s 364 units. The May months of supply totaled 5 months, an increase of 23.1% from May 2018’s 4.1 months of supply. May’s months of supply increased 14.9% from April’s 4.4 months of supply.
Pricing: The Marshall County median sales price in May was $137,500, a decrease of 3.8% from one year ago and an increase of 4.2% 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 2.8%. 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 May was 88 days, a decrease of 28.5% from 123 days in May 2018, and a decrease of 12.9% from 101 days in April.
Forecast: April sales were 15 units, or 16.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 91 sales for the month, and actual sales were 76 units. ACRE forecast a total of 379 residential sales in Marshall County year-to-date, while there were 352 actual sales through May, a difference of 7.1%.
ACRE’s statewide perspective: Statewide residential sales increased slightly in May, extending the streak to five consecutive months of year-over-year sales gains. Statewide residential sales increased 1.4% from 6,306 closed transactions in May 2018 to 6,392 in May 2019. Year-to-date, sales are up 3.2% from 2018. Home price appreciation in the state continued to climb as the median sales price in May increased 4.3% year-over-year from $165,688 to $172,864. The statewide median sales price is also up 3.4% year-to-date. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 11.6% 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 May spent an average of 88 days on the market, an improvement of 12 days from May 2018.
NAR’s national perspective: Existing home sales rebounded in May, posting their first year-over-year gain since August 2018. Nationwide sales increased 0.9% from approximately 535,000 closed transactions one year ago to 540,000 currently. The nationwide median existing-home price increased 4.8% in May, marking 87 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “The purchasing power to buy a home has been bolstered by falling mortgage rates, and buyers are responding.”
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.