Sales: According to ValleyMLS.com, Marshall County residential sales totaled 80 units during June, down 11.1% from 90 sales in the same month a year earlier. June sales were up 5.3% from 76 sales in May. 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 June totaled 367 units, a decrease of 3.2% from June 2018’s 379 units and a decrease of 4.2% from May 2019’s 383 units. The June months of supply totaled 4.6 months, an increase of 8.9% from June 2018’s 4.2 months of supply. June’s months of supply decreased 9% from May’s 5 months of supply.

Pricing: The Marshall County median sales price in June was $149,950, an increase of 15.8% from one year ago and an increase of 9.1% from the prior month. This direction is inconsistent with historical data (2014-18) indicating that the June median sales price on average decreases from May by 3.4%. 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 June was 76 days, a decrease of 5% from 80 days in June 2018 and a decrease of 13.6% from 88 days in May.

Forecast: June sales were 12 units, or 13%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 92 sales for the month, and actual sales were 80 units. ACRE forecast a total of 471 residential sales in Marshall County year-to-date, while there were 432 actual sales through June, a difference of 8.3%.

ACRE’s statewide perspective: Statewide residential sales decreased slightly in June, ending a five-month streak of year-over-year sales gains. This was the first such decline since December 2018 and only the fourth in the last two years. Statewide residential sales decreased 3.4% from 6,277 closed transactions in June 2018 to 6,063 in June 2019. Year-to-date, however, sales are up 1.8% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in June increased 7.3% year-over-year from $164,987 to $177,018. The statewide median sales price is up 4.1% year-to-date. While nationwide inventory levels (active listings) are stabilizing (equal to June 2018), Alabama’s residential listings decreased 9.7% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and in the summer 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 June spent an average of 86 days on the market, an improvement of 14 days from June 2018.

NAR’s national perspective: After a small gain in May, existing home sales weakened in June. Nationwide residential sales decreased 7.5% from approximately 570,000 closed transactions one year ago to 527,000 currently. The nationwide median existing-home price increased 4.4% in June, marking 88 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of REALTORS, said, “Home sales are running at a pace similar to 2015 levels – even with exceptionally low mortgage rates, a record number of jobs and a record high net worth in the country.” Yun said there is a housing shortage across the country and more inventory is needed, especially in the entry-level price range. “Imbalance persists for mid- to lower-priced homes with solid demand and insufficient supply, which is consequently pushing up home prices,” he said.