Top 5 Most Improved Markets
The Alabama Center for Real Estate created the following rankings based on year-over-year (YoY) growth in total residential sales during February.
1. Dothan 44.2 percent
2. Shoals Area 33 percent
3. Marshall County 24.5 percent
4. Phenix City 22.1 percent
5. Montgomery 21.5 percent
Alabama 10.9 percent
United States -2.2 percent
Dothan: According to the Southeast Alabama Association of Realtors, the Dothan area’s total residential sales increased 44.2 percent year-over-year (YoY) from 86 to 124 closed transactions. The February median sales price decreased 2.8 percent from $154,250 to $150,000 YoY, but increased 15.8 percent from last month. Dollar volume also increased an impressive 46.7 percent from $14.6 million one year ago to $21.4 million in February. Mirroring statewide and regional trends but to a greater degree, inventory decreased 22.2 percent from 1,042 residential listings one year ago to 811 in February. In addition, months of supply decreased from 12.1 to 6.5, while average days on market (DOM) improved from 164 to 154.
Shoals Area: The Shoals area experienced a 33 percent increase YoY in total sales in February, increasing from 115 to 153 closed transactions. The February median sales price increased slightly, rising from $139,500 to $140,000. Dollar Volume increased 25.2 percent YoY, increasing from $18.9 million to $23.7 million. The Shoals area also saw a 6.8 percent YoY decrease in inventory, continuing the trend of 20 straight months of inventory declines. Lastly, months of supply improved 29.4 percent, dropping from 7.7 months to 5.4 months.
Marshall County: Marshall County bounced back from last month with a 24.5 percent increase in YoY total sales, increasing from 53 to 66 closed transactions.The February median sales price increased 12.1 percent, improving from $120,000 to $134,500. Marshall County also experienced a significant increase in dollar volume, increasing from $7.7 million to $11.4 million, which comes to a 47.8 percent positive change. Continuing with statewide trends, Marshall County inventory decreased 23.5 percent YoY, bringing the inventory decline streak to 21 straight months. Moreover, months of supply decreased 38.6 percent, improving from 8.0 months to 4.9 months.
Phenix City: Phenix City is one of ACRE’s 5 markets to watch in 2019. According to the East Alabama Board of Realtors, Phenix City total residential sales increased 22.1 percent YoY from 68 to 83 closed transactions. The February median sales price increased 2.6 percent from $148,100 to $152,000. Dollar volume increased 26.1 percent from $10.8 million one year ago to $13.6 million in February. In line with statewide trends but to a lesser degree, inventory in the area decreased 7.6 percent from 437 residential listings one year ago to 404 in February. Months of supply decreased from 6.4 to 4.9, while average DOM improved from 132 to 119.
Montgomery: Montgomery residential real estate saw an increase of 21.5 percent in total sales YoY from 274 to 333 closed transactions. Montgomery’s February median sales price increased 15 percent YoY, improving from $137,650 to $158,284. Dollar volume increased 35 percent YoY, seeing gains from $41.9 million to 56.6 million. Mirroring statewide trends but to a lesser degree, inventory in the area decreased 7.8 percent, improving from 1,966 units to 1,812 units listed. Lastly, Montgomery experienced a YoY improvement in months of supply, decreasing from 7.2 to 5.4