Sales: According to ValleyMLS.com, Marshall County residential sales totaled 63 units during November, down 19.2% from 78 sales in the same month a year earlier. November sales were down 24.1% from 83 sales in October. Results were 4% below the five-year average of 66 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 November totaled 313 units, a decrease of 2.5% from November 2018’s 321 units and up 1.6% from October 2019’s 308 units. The November months of supply totaled 5 months, an increase of 20.7% from November 2018’s 4.1 months of supply. November’s months of supply increased 33.9% from October’s 3.7 months of supply.

Pricing: The Marshall County median sales price in November was $159,900, an increase of 15.5% from one year ago and an increase of 3.2% from the prior month. Historical data (2014-18) indicates that the November median sales price on average increases by 3.3% from October. 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 November was 77 days, a decrease of 1.3% from 76 days in November 2018 and a decrease of 21.4% from 98 days in October 2019.

Forecast: November sales were eight units, or 11.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 71 sales for the month, and actual sales were 63 units. ACRE forecast 879 residential sales in Marshall County year-to-date, while there were 856 actual sales through November.

ACRE’s statewide perspective: Residential sales growth continued in November but at a slower pace, as total residential sales increased 0.8% year-over-year from 4,598 to 4,635 closed transactions. Year-to-date, sales are up 4.2% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in November increased 9.3% year-over-year, marking 25 consecutive months of gains. The statewide median sales price is up 5.8% year-to-date. While properties listed for sale nationwide decreased 5.7% year-over-year, Alabama’s residential listings continued to tighten, decreasing 10.5% 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 November spent an average of 92 days on the market, a decrease of one day from November 2018.

NAR’s national perspective: Existing-home sales declined slightly in November, decreasing 0.5% year-over-year from approximately 406,000 closed transactions one year ago to 402,000 currently. The nationwide median existing-home price increased 5.4% in November, marking 93 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “Sales will be choppy when inventory levels are low, but the economy is otherwise performing well, with more than 2 million job gains in the past year.” Properties listed for sale nationwide declined 5.7% in November from approximately 1.74 million listings one year ago to 1.64 million currently.