Top 5 Most Improved Markets in October

Top 5 Most Improved Markets in October

Topics: Research, Residential Real Estate

Markets: Athens (Limestone County), Baldwin County - All, Baldwin County - Condo Only, Birmingham Metro, Calhoun County, Cherokee County

The Alabama Center for Real Estate created the following rankings based on year-over-year (YOY) growth in total residential sales during October.

  1. 1.  Calhoun County - 24.2 percent
  2. 2.  Marshall County - 18.2 percent
  3. 3.  Birmingham Area - 16.7 percent
  4. 4.  Lake Martin Area - 14.0 percent
  5. 5.  Dothan Area - 12.8 percent

 

Calhoun County: Total residential sales in the Anniston-Oxford-Jacksonville metro area increased 24.2 percent year-over-year (YOY) from 132 to 164 transactions. Year-to-date sales reached a total of 1,453 closed transactions, an increase of 3.9 percent from one year ago. The median sales price increased 27.3 percent from $114,900 to $146,250. The year-to-date median sales price increased 10.1 percent from $120,399 to $132,530. Mirroring statewide trends, inventory decreased 5.3 percent from 805 residential listings one year ago to 762 in October. Months of supply decreased from 6.1 to 4.6, while average days on market (DOM) dropped significantly from 132 to 73.  

 

Marshall County: Total residential sales in Marshall County increased 18.2 percent YOY from 66 to 78 transactions. Year-to-date sales reached a total of 778 closed transactions, an increase of 3.9 percent from one year ago. The median sales price increased 8.6 percent from $139,950 to $152,000. The year-to-date median sales price increased 6.0 percent from $125,525 to $133,046. Mirroring statewide and regional trends, inventory decreased 24.9 percent from 462 residential listings one year ago to 347 in October. Months of supply decreased from 7.0 to 4.4, while average days on market (DOM) increased from 98 to 104.

 

Birmingham Area: Total residential sales in the Birmingham-Hoover metro area increased 16.7 percent YOY from 1,071 to 1,250 transactions. Year-to-date sales reached a total of 13,436 closed transactions, an increase of 6.1 percent from one year ago. The median sales price increased 1.0 percent from $197,980 to $199,900. The year-to-date median sales price increased 6.0 percent from $193,236 to $204,903. Mirroring statewide trends, inventory decreased 10.6 percent from 6,087 residential listings one year ago to 5,440 in October. Months of supply decreased from 5.7 to 4.4, while average days on market (DOM) dropped from 62 to 46.

 

Lake Martin Area: Total residential sales in the Lake Martin area increased 14.0 percent YOY from 50 to 57 transactions. Year-to-date sales reached a total of 586 closed transactions, an increase of 2.8 percent from one year ago. The median sales price decreased 14.7 percent from $220,500 to $188,000. The year-to-date median sales price decreased 11.7 percent from $262,940 to $232,145. Going against statewide trends, inventory increased 30.9 percent from 385 residential listings one year ago to 504 in October. Months of supply increased from 7.7 to 8.8, while average days on market (DOM) decreased from 169 to 154.


Dothan Area: Total residential sales in the Dothan metro area increased 12.8 percent YOY from 117 to 132 transactions. Year-to-date sales reached a total of 1,287 closed transactions, an increase of 11.8 percent from one year ago. The median sales price increased 24.5 percent from $126,900 to $158,000. The year-to-date median sales price increased 5.9 percent from $140,693 to $148,947. Mirroring statewide trends, inventory decreased 7.2 percent from 1,082 residential listings one year ago to 1,004 in October. Months of supply decreased from 9.2 to 7.6, while average days on market (DOM) dropped from 157 to 126.