It’s said that numbers don’t lie. And in the arena of Alabama residential real estate, the state’s numbers show promise across the board. Alabama’s first quarter 2020 residential real estate report reflects welcoming trends for would-be homebuyers and sellers alike. Take a look at the high points from the Alabama Center for Real Estate’s (ACRE) recap.
The seller’s market stays strong.
Statewide, the seller’s market continues. Home listings have dipped, reflected in a 5.1 to 3.8 decrease in inventory-to-sales ratio. Alabama’s first quarter 2020 residential real estate report indicates that this ratio is down 44.8 percent from the five-year average. This plays a key role in strengthening the seller’s market, driving home prices northward.
Home sales are on the rise.
Compared to 2019’s numbers, home sales have seen a bump. Residential sales across the state have increased 11.1 percent from 2019, with closed sales jumping from 12,907 to 14,335. That’s good news for both parties!
Closings are picking up pace.
Homes’ days spent on market are down, signaling speedier house closings. Year-over-year, the average days on market (DOM) has dropped 9.6 percent. That coincides with the trend over the past five years, with the first quarter of 2020 down 29.7 percent. In fact, homes up for sale in 2020 have sold on average 10 days sooner than 2019.
Sales prices continue to slide north.
Both the median and average sales price of homes have seen upticks recently. Versus last year, 2020 witnessed a 9 percent median sales price increase—with the statewide average rising 6.6 percent. These increases reflect current five-year trends.
Listings have dipped.
Home listings are undergoing a mild decline, which could be due to factors related to COVID-19. There’s been a 14.7 percent reduction in residential homes listed for sale across Alabama. However, there are still 18,001 listings currently in the state.
Summary
When looking at Alabama’s first quarter 2020 residential real estate report, you may feel reassured—or you might have questions. Or even a mixture of the two! Got questions? No problem! You can contact Ryan Roberts through this form for all your real estate needs, including buying and selling. He’s got you covered in the Lake Martin, Opelika, and Auburn areas.
Plus, if you need further resources to make whatever real estate venture you’re planning a reality, our blog’s also here for you!