Sales: According to ValleyMLS.com, Marshall County residential sales totaled 98 units during July, down 7.5% from 106 sales in the same month a year earlier. July sales were up 22.5% from 80 sales in June. 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 July totaled 367 units, a decrease of 6.1% from July 2018’s 391 units and unchanged from June 2019’s 367 units. The July months of supply totaled 3.7 months, an increase of 1.5% from July 2018’s months of supply. July’s months of supply decreased 18.4% from June’s 4.6 months of supply.
Pricing: The Marshall County median sales price in July was $186,500, an increase of 33.3% from one year ago and an increase of 24.4% from the prior month. This direction is consistent with historical data (2014-18) indicating that the July median sales price on average increases from June by 18.3%. 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 July was 69 days, a decrease of 9.2% from 76 days in July 2018 and a decrease of 9.2% from 76 days in June 2019.
Forecast: July sales were seven units, or 7.7%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 91 sales for the month, and actual sales were 98 units. ACRE forecast a total of 562 residential sales in Marshall County year-to-date, while there were 530 actual sales through July, a difference of 5.7%.
ACRE’s statewide perspective: After a slight decline in June, statewide residential sales rebounded in July, increasing 10.2% from 5,722 closed transactions in July 2018 to 6,307 in July 2019. Year-to-date, sales are up 3.1% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in July increased 4.6% year-over-year from $169,178 to $176,926. The statewide median sales price is up 4.2% year-to-date. While nationwide inventory levels (active listings) decreased 1.6% year-over-year, Alabama’s residential listings continue to tighten, decreasing 9.9% 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 surprising to see homes selling at a slightly slower pace than one year ago. Homes selling in Alabama during July spent an average of 89 days on the market, an increase of three days from July 2018.
NAR’s national perspective: After a 7.4% drop in June, existing home sales strengthened in July. Nationwide residential sales increased 3.3% from approximately 523,000 closed transactions one year ago to 540,000 currently. The nationwide median existing-home price increased 4.3% in July, marking 89 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “Falling mortgage rates are improving housing affordability and nudging buyers into the market.” However, he added that the supply of affordable housing is low across the nation. “The shortage of lower-priced homes has markedly pushed up home prices.”