Top 5 Most Improved Markets (July 2019)
The Alabama Center for Real Estate created the following rankings based on year-over-year (Y/Y) growth in total residential sales during July.
- 1. Lake Martin Area: 55.9%
- 2. Gadsden Area: 27.3%
- 3. Calhoun County: 21.2%
- 4. Lee County: 21.1%
- 5. Athens Area: 18.9%
United States: 3.3%
Lake Martin Area: Total residential sales in the Lake Martin area increased 55.9% (Y/Y) from 59 to 92 closed transactions. The July median sales price increased 9.7% (Y/Y) from $247,000 to $271,000, and decreased 17.4% from prior month. Dollar Volume made a significant increase of 72.9% (Y/Y) from $19.2 million to $33.2 million. Inventory increased 13.4% (Y/Y) from 501 residential listings one year ago to 568 in July. The lower median price and higher supply creates unique market conditions, especially for late summer. Additionally, the average days on market (DOM) decreased from 132 to 140, a 6.1% (Y/Y) decrease. Lastly, months of supply decreased 27.3% during the same period from 9.2 to 6.2 months, still reflecting a buyer’s market in the area.
Gadsden Area: The Gadsden area experienced a 27.3% increase (Y/Y) in total sales in July, increasing from 77 to 98 closed transactions. The July median sales price increased 11.5% (Y/Y) from $131,000 to $146,000, the median sales price since June has increased by 16.8%. Dollar volume increased 64.45% (Y/Y), increasing from $10.7 million to $17.6 million. Gadsden saw a 19.5% (Y/Y) decrease in inventory, going from 507 to 408 units. The average days on market (DOM) saw an increase, as it increased 24.8% (Y/Y) from 105 to 131. The average months of supply in Gadsden decreased 7.4% during the same period, going from 4.5 months to 4.2 months, creating a slightly stronger market for sellers.
Calhoun County: Calhoun County experienced a 21.2% increase (Y/Y) in total sales in July, increasing from 151 to 183 closed transactions. The July median sales price decreased 3.8% (Y/Y), from $129,900 to $125,000. Calhoun County experienced an increase in dollar volume of 25.83% (Y/Y), rising from $21.8 million to $27.4 million. Calhoun County’s inventory decreased 2.2 % (Y/Y), from 767 homes listed last year to 750 currently. Calhoun County experienced no change in average days on market (DOM) from 67 in July 2018 to 67 in July 2019 (Y/Y). Lasty, the months of supply had an increase of 9.6% during the same period going from 3.7 months to 4.1 months, creating a stronger seller’s market in the area.
Lee County: Total residential sales in Lee County increased 21.1% (Y/Y) from 185 to 224 closed transactions. The July median sales price increased 9.6% (Y/Y) from $242,000 to $265,287 currently. Dollar Volume saw a significant increase, rising 34.55% (Y/Y) from $47.9 million to $64.4 million. Inventory in Lee County increased 11.2% (Y/Y), increasing from 587 to 653. Lee County had a significant increase in average days on market (DOM) with an increase of 37.7% (Y/Y) from 53 to 73. Lee County’s months of supply declined, falling 8.1% (Y/Y) from 3.2 to 2.9 months, and also a decrease of 11.3% during the same period. This reflects a seller’s market in the area.
Athens Area: Residential sales in the Athens Area increased 18.9% (Y/Y) from 159 to 189 closed transactions. The Athens Area July median sales price decreased 3.9% (Y/Y), decreasing from $228,298 to $219,500. Dollar volume increased 21.79% (Y/Y), seeing gains from $36.6 million to $44.6 million. The Athens Area saw a 31.7% (Y/Y) decrease in inventory from 502 to 343 units. The area’s average number of days on market (DOM) decreased 15.6% (Y/Y) from 45 to 38 days. In addition, the months of supply in the Athens Area decreased by 7.3% during the same period from 2.0 to 1.8 months, and a decrease of 42.5% (Y/Y), indicating a stronger seller’s market in the area.
CCIM 4Q19/1Q20 CRE Insights Report