Marshall County October home sales up 6.4% from last year

Marshall County October home sales up 6.4% from last year
The Marshall County median sales price in October was $155,000, an increase of 2% from one year ago. (Brittany Faush/Alabama NewsCenter)

Sales: According to ValleyMLS.com, Marshall County residential sales totaled 83 units during October, up 6.4% from 78 sales in the same month a year earlier. October sales were up 2.5% from 81 sales in September. Results were 19.3% above the five-year average of 70 sales. 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 October totaled 308 units, a decrease of 11.2% from October 2018’s 347 units and down 7.2% from September 2019’s 332 units. The October months of supply totaled 3.7 months, a decrease of 16.6% from October 2018’s months of supply. October’s months of supply decreased 9.5% from September’s 4.1 months of supply.

Pricing: The Marshall County median sales price in October was $155,000, an increase of 2% from one year ago and a decrease of 8.6% from the prior month. Historical data (2014-18) indicates that the October median sales price on average decreases by 1% from September. 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 October was 98 days, a decrease of 5.8% from 104 days in October 2018 and an increase of 7.7% from 91 days in September 2019.

Forecast: October sales were eight units, or 10.7%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 75 sales for the month, and actual sales were 83 units. ACRE forecast 808 residential sales in Marshall County year-to-date, while there were 793 actual sales through October.

ACRE’s statewide perspective: Residential sales growth continued in October as total residential sales increased 6.7% year-over-year from 4,883 to 5,211 closed transactions. Year-to-date, sales are up 4.5% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in October increased 10.1% year-over-year, marking 24 consecutive months of gains. The statewide median sales price is up 5.5% year-to-date. While properties listed for sale nationwide decreased 4.3% year-over-year, Alabama’s residential listings continued to tighten, decreasing 10.7% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and continued into the fourth quarter of 2019. With low inventory levels, it is not surprising to see homes selling at a slightly quicker pace than one year ago. Homes selling in Alabama during October spent an average of 88 days on the market, a decrease of eight days from October 2018.

NAR’s national perspective: Existing home sales rebounded in October, increasing 3.8% year-over-year from approximately 446,000 closed transactions one year ago to 463,000 currently. The nationwide median existing-home price increased 6.2% in October, marking 92 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “Historically-low interest rates, continuing job expansion and higher weekly earnings are undoubtedly contributing to these higher numbers. We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory.”

 

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.

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