Gadsden area home sales decline in July 2020
Topics: Residential Real Estate
Sales: According to the Etowah-Cherokee Association of Realtors, July residential sales in the Gadsden area decreased 5.1% year-over-year from 98 to 93 closed transactions. Sales increased 10.7% from June, and are up 4.8% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of the Gadsden area’s housing data, click here.
Inventory: Following regional trends but to a greater degree, total homes listed for sale in July decreased 37.8% year-over-year from 408 to 254 listings. Months of supply dropped from 4.2 to 2.7, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The area’s median sales price in July was $159,900, an increase of 9.5% from one year ago and an increase of 10.7% from June. 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.
Homes sold in July averaged 93 days on market, 38 days faster than July 2019.
Forecast: July sales were nine units, or 10.7%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 84 sales for the month, while actual sales were 93 units. ACRE forecast a total of 575 residential sales in the area year-to-date, while there were 564 actual sales through July, a difference of 1.9%.
Click here to view the entire monthly report.
The Gadsden Residential Monthly Report is developed in conjunction with the Etowah-Cherokee Association of Realtors to better serve area consumers.
Editor's Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period July 1 - 31, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the impact of COVID-19 on the housing market.