Small Market Update: Quarter 3

Small Market Update: Quarter 3

Topics: Research, Residential Real Estate, Research

Markets: Cherokee County, Jackson County, Monroe County, Talladega County, Walker County

Cherokee County:

Total residential sales in Cherokee County for the third quarter of 2018 were 79 units sold, which is a 2 unit increase compared to 77 units sold in quarter three of 2017. This represents a 2.6 percent year-over-year growth of quarter 3 home sales, which is much lower than the 5-year average of 8.6 percent growth. Total homes listed for sale for quarter 3 were 205, representing a 29 unit decrease compared to the same period last year. The median sales price of $155,233 shows a 6.1 percent decrease from the third quarter of 2017, which is a notable change from the 5-year average 8 percent growth. Average days on market fell by 76 days from a year ago to 121 days. Months of supply also fell in quarter 3 to 8.2, down from 9.7 in 2017.
 

 

Jackson County:

Total residential sales in Jackson County for the third quarter increased 29 percent year-over-year from 69 one year ago to 89 currently. Total inventory of homes listed for sale increased by 24 units to 187 units compared to quarter 3 from last year. This number is 11.7 percent below the 5-year quarterly average of 212 units. The third quarter median sales price for the area fell 2.4 percent from $152,500 in quarter 3 2017 to $148,767 currently. Average days on market increased by 14 days from the same period last year to 102 days. Months of supply decreased from 7.5 to 6.3 in the third quarter of 2018.

 

 

Monroe County:

Total residential sales in Monroe County for the third quarter increased slightly by 3 units to 25 units sold from the same quarter a year ago, representing a 13.6 percent increase year-over-year. Total homes listed for sale increased to 157 units; up 8 units compared to the same period last year. The median sales price jumped 22 percent from $80,167 last year to $97,567. This is much higher than the 5-year average growth of 1.6 percent. Days on the market fell 136 days, or 32.2 percent from the same period last year to 287 days. This is inconsistent with the 5-year average increase of 5.3 percent. Months of supply fell to 21.3 from 24.2 in the third quarter of 2017.

 

 

Talladega County:

Total residential sales in Talladega County for the third quarter increased by 8 units from 129 units sold in the same quarter last year to 137 units sold. Total homes listed for sale decreased by 65 units to 322 units when compared to the same period last year, which is 22.3 percent below the 5-year quarterly average. The median sales price in the third quarter increased from $145,417 in 2017 to $152,167. This new peak median sales price is up 166 percent from the lowest median price of $57,123 in the third quarter of 2013. Days on the market fell by 20 days from the same quarter last year to 80 days, while months of supply fell to 7.1 from 9.1 in the third quarter of 2017.

 

 

Walker County:

Total residential sales in Walker County increased by 41 units to 262 units sold from 221 units sold in the same quarter last year. This represents an 18.4 percent increase, which is higher than the 5 year average growth of 15.4 percent. The total homes listed for sale fell to 679 units which is a 124 unit decrease compared to the same period last year. The median sales price increased from $148,833 in quarter three of 2017 to $159,983. Days on the market in Walker County fell 37 days from the same period last year to 129 days. Months of supply are down 29 percent from the same period last year from 11 to 7.8.

 

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