The world of real estate has its trends. For homes, you’ll notice the popularity of hardwood floors, stainless steel appliances, and open-concept floor plans. Discovering statistical real estate trends, on the other hand, may be a bit more confusing. To make it simple, here are a few key Alabama residential real estate trends from 2018 contained in the Statewide Residential Real Estate: Annual Trends Report—and what they entail.
- Homes listed for sale. Ever wondered about your competition? Compared to 2017, in 2018 it decreased by about 2,450 homes on average. This means that about 23,561 homes were on the market during 2018.
- Days on the market. Putting your home on the market can be nerve-wracking—especially if you end up waiting and waiting for sale. However, the Alabama residential real estate trends from 2018 reflect a decrease in the average amount of days that a home spent on the market. Falling by 15.4 percent from the previous year, the figures show that a home spent around 102 days on the market in 2018, as opposed to 120 in 2017. This trend has been holding for the last five years, decreasing by 26.8 percent during that time period.
- Average sales prices. Good news for sellers: for homes, average sales prices increased in 2018. In the last year, they bumped up 8.5 percent, reaching the average figure of $188,389 statewide compared to $178,093 in 2017. This means that it’s a great time for you to put your home on a market—and reap the profits.
- Median sales prices. Like average sales prices, median sales prices also grew last year. Alabama residents experienced a 4.6 percent rise in median sales prices in 2018, which translates to an official price of about $158,818.
- Total residential sales. Residential sales reflect how many homes have sold during the past year. They climbed higher in 2018, reaching 61,062 units. This means an increase of 3,493 homes since 2017’s numbers.
- Inventory-to-sales ratio. When you’re trying to determine the inventory-to-sales ratio, you need two things: the number of homes on the market and the number of subsequent sales during the same period of time. In other words, it determines the rate at which homes sell. This ratio has decreased by 28.4% over the last three years.
Numbers may make your head swim, but if there’s one thing to take away from this, these Alabama residential real estate trends from 2018 represent a successful housing market. If you’re ready to take advantage of it, fill out our contact form here. As for learning more about real estate, check out our blog.