Sales: According to the Calhoun County Area Board of Realtors, Inc., residential sales in the Anniston area totaled 136 units during October, down 17.1% from 164 sales in the same month a year earlier. October sales were down 18.1% compared to 166 sales in September and were 6.6% above the five-year October average of 128 sales. Year-to-date sales in the area are 4.1% above sales from the same period of 2018. Another resource to review: Annual Report.
For all Calhoun County housing data, click here.
Inventory: Homes listed for sale in Calhoun County during October totaled 691 units, a decrease of 9.3% from October 2018’s 762 units and a decrease of 4% from September 2019’s 720 units. October months of supply totaled 5.1 months, an increase of 9.4% from October 2018’s 4.6 months of supply and an increase of 17.1% from September 2019’s 4.3 months of supply.
Pricing: The Calhoun County median sales price in October was $137,450, a decrease of 6% from one year ago and a decrease of 1.4% from the prior month. This direction is inconsistent with historical data (2014-18) indicating that the October median sales price on average increases from September by 6%. 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 October spent an average of 52 days on the market (DOM), down 28.8% from October 2018 and a decrease of 1.9% from 53 days in September.
Forecast: October sales were eight units, or 5.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 144 sales for the month, while actual sales were 136 units. ACRE forecast a total of 1,518 residential sales in the Calhoun County area year-to-date, while there were 1,497 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.”
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The Calhoun County Residential Monthly Report is developed in conjunction with the Calhoun County Area Board of Realtors to better serve Anniston-area consumers.