Sales: According to the Calhoun County Area Board of Realtors, Inc., residential sales in the Anniston area totaled 183 units during July, up 21.2% from 151 sales in the same month a year earlier. July sales were up 13% compared to 162 sales in June and were 31.3% above the five-year July average of 139 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 July totaled 750 units, a decrease of 2.2% percent from July 2018’s 767 units and an increase of 23.8% from June 2019’s 606 units. July months of supply totaled 4.1 months, a decrease of 19.3% from July 2018’s 5.1 months of supply and an increase of 9.6% from June 2019’s 3.7 months of supply.
Pricing: The Calhoun County median sales price in July was $125,000, a decrease of 3.8% from one year ago and a decrease of 10.7% from the prior month. This direction is inconsistent with historical data (2014-18) indicating that the July median sales price on average increases from June by 0.1%. 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 July spent an average of 67 days on the market (DOM), unchanged from July 2018 and a decrease of 4.3% from 70 days in June.
Forecast: July sales were 21 units, or 13%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 162 sales for the month, while actual sales were 183 units. ACRE forecast a total of 1,042 residential sales in the Calhoun County area year-to-date, while there were 1,011 actual sales through July.
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.
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.