Anniston-area September home sales up 17% from last year

Anniston-area September home sales up 17% from last year
The Calhoun County median home sales price in September was $139,450, an increase of 7.4% from one year ago. (iStock)

Sales: According to the Calhoun County Area Board of Realtors, Inc., residential sales in the Anniston area totaled 166 units during September, up 16.9% from 142 sales in the same month a year earlier. September sales were down 16.6% compared to 199 sales in August and were 27.3% above the five-year September average of 130 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 September totaled 720 units, a decrease of 6.1% from September 2018’s 767 units and an increase of 5.3% from August 2019’s 684 units. August months of supply totaled 4.3 months, a decrease of 19.7% from September 2018’s 5.4 months of supply and an increase of 26.2% from August 2019’s 3.4 months of supply.

Pricing: The Calhoun County median sales price in September was $139,450, an increase of 7.4% from one year ago and a decrease of 3.8% from the prior month. This direction is consistent with historical data (2014-18) indicating that the September median sales price on average decreases from August by 9.3%. 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 September spent an average of 53 days on the market (DOM), down 20.9% from September 2018 and a decrease of 13.1% from 61 days in August.

Forecast: September sales were 16 units, or 10.7%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 150 sales for the month, while actual sales were 166 units. ACRE forecast a total of 1,374 residential sales in the Calhoun County area year-to-date, while there were 1,361 actual sales through September.

ACRE’s statewide perspective: A strong late-summer buying season continued in August as total residential sales increased 7.5% year-over-year from 5,862 to 6,302 closed transactions. Year-to-date, sales are up 3.8% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in August increased 8.1% year-over-year, marking 22 consecutive months of gains. The statewide median sales price is up 4.7% year-to-date. While nationwide inventory levels (active listings) decreased 2.6% year-over-year, Alabama’s residential listings continue to tighten, decreasing 12.6% 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 at a slightly quicker pace than one year ago. Homes selling in Alabama during August spent an average of 86 days on the market, a decrease of nine days from August 2018.

NAR’s national perspective: After a 3.3% gain in July, existing home sales decreased 0.9% year-over-year in August from approximately 539,000 closed transactions one year ago to 534,000 currently. The nationwide median existing-home price increased 4.7% in August, marking 90 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “As expected, buyers are finding it hard to resist the current (mortgage) rates. The desire to take advantage of these promising conditions is leading more buyers to the market.” He continued, “Sales are up, but inventory numbers remain low and are thereby pushing up home prices. Homebuilders need to ramp up new housing, as the failure to increase construction will put home prices in danger of increasing at a faster pace than income.”

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

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