Gadsden Residential Report - August 2018

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1 Gadsden Residential Report - August 2018 Monthly Indicators Recent Figures Trends Total Residential Sales Current Month August Gadsden residential* sales for the current month totaled 89 units, representing a 2.2 percent decrease when compared to the 91 units that were sold a year ago. By Product Type (% of Total Sales) Existing SF: 88 (99%) 87 (96%) Condo: 0 (0%) 0 (0%) New Const. 1 (1%) 4 (4%) *Residential = existing single family, condo, & new construction vs. Prior Month July % vs. Last Year August % vs. 5-Yr Avg August 13-' % vs. Peak August % vs. Trough August % Year to Date August vs.prior Year August % Gadsden: Total Sales ACRE Commentary Historical Home Sales Graph: August Historical data indicates that August residential sales on August (By month) average ( 13-17) increase from July by 8.5 percent. Total August residential sales increased 15.6 percent from the prior month." August August August Year Avg: Year Avg: 84 Median Sales Price Current Month August ,000 The median sales price in Gadsden in vs. Prior Month July , % August was $125,000, a 2.3 percent vs. Last Year August , % decrease from August 2017's median vs. 5-Yr Avg August 13-'17 102,0 21.7% sales price of $128,000. By Product Type (Y-O-Y Comparison) Existing SF: $125,000 $128,000 New Const: $174,0 $166,4 Year to Date August ,4 vs.prior Year August , % Median Peak August , % Trough August , 72.4% $1,000 $130,000 $120,000 $110,000 $,000 $,000 $,000 $,000 Gadsden: Median Sales Price 128, , ,000 72, ACRE Commentary Historical Median Selling Price Graph: August Historical data indicates that August median sales prices on August ,000 (By month) average ( 13-17) decrease 5.5 percent from July. The current median price decreased 4.6 percent from the prior month." August ,000 August , August , August , 5- Year Avg: 102,0 3- Year Avg: 112, Page 1 of 5

2 Monthly Indicators Recent Figures Trends Average Sales Prices Current Month August ,676 The average sales price in Gadsden for vs. Prior Month July , % August 2018 was $141,676, a 3.7 vs. Last Year August , % percent increase from August 2017 s vs. 5-Yr Avg August 13-'17 124, % average sales price of $136,566. By Product Type (Y-O-Y Comparison) Existing SF: $141,298 $134,882 New Const: $174,0 $173,175 Year to Date August ,876 vs.prior Year August , % Average Peak August , % Trough August , % $1,000 $1,000 $1,000 $130,000 $120, ,479 $110,000 $,000 $,000 Gadsden: Average Sales Price 96, ,676 ACRE Commentary Historical data indicates that August average sales prices on Historical Average Selling Price Graph: August (By month) average ( 13-17) decrease by 5.9 percent from July. The current August ,566 average price increased 2.2 percent from the prior month." August ,123 August ,121 August ,147 August ,251 5-Year Avg: 124, Year Avg: 129,2 Days on Market (DOM) Current Month August The average number of days on the market in August 2018 was 113, representing a decrease of 15.7 percent from August By Product Type (DOM Comparison) Existing SF: New Const: vs. Prior Month July % vs. Last Year August % vs. 5-Yr Avg August 13-' % Year to Date August vs.prior Year August % Gadsden: Average Days on Market ACRE Commentary Historical Average DOM Graph: August The 5-year DOM average ( 13-17) for the month of August is 1 days, which is 27 days above current results. DOM is anticipated to remain within the current range ( days) for the foreseeable future. August (By month) August August August August 3-Year Avg: Year Avg: 1 Page 2 of 5

3 Monthly Indicators Recent Figures Trends Total Units Listed for Sale Current Month August Gadsden residential units available for sale in August 2018 decreased by 12 units when compared to the same period last year. By Product Type (Inv, Comparison) Existing SF: New Const.: vs. Prior Month July % vs. Last Year August % vs. 5-Yr Avg August 13-' % Inventory Peak August % Trough August % Gadsden : Total Homes Listed ACRE Commentary Historical data indicates that August inventory on average ( 13-17) decreases by 3.0 percent from July. The current month's inventory decreased by 1.2 percent from last month's total of 7 homes. Historical Total Units Listed Graph: August August (By month) August August August August 3-Year Avg: Year Avg: 685 Inventory-to-Sales Ratio The inventory for sale divided by the current monthly sales volume equals the # of months of supply (Market considered to be in balance at approximately 6 months). Gadsden currently has 5.6 months of supply, down from 6.6 months in July 2018 and constant with 5.6 months in August Current Month August vs. Prior Month July % vs. Last Year August % vs. 5-Yr Avg August 13-' % I/S Ratio Peak August % Trough August % Gadsden: Months of Supply ACRE Commentary Historical I/S Ratio Graph: August "August's 5.6 months of supply is 42.0 percent below the 5-year average of 9.7 months of supply. Gadsden's inventory-to-sales ratio is.4 months below equilibrium, indicating a continued transition where sellers typically have elevated bargaining power." August (By month) August August August August Year Avg: Year Avg: 8.0 NOTE: This representation is based in whole or in part on data supplied by the reporting boards/associations of REALTORS or their Multiple Listing Service. The Alabama Center for Real Estate does not guarantee and is in no way responsible for its accuracy. Any Market data maintained by the Center does not necessarily include information on listings not published at the request of the seller, listings of brokers who are not members of a local board/association or MLS, unlisted properties, rental properties, etc. The statistics included in this report reflect the residential sales of houses, condominiums, and town homes. Historical Monthly Housing Statistics are available on the web at Alabama Center for Real Estate's homepage - Page 3 of 5

4 Gadsden Area: Residential Sales and Inventory Sales Inventory Gadsden Sales Gadsden Inventory Gadsden Area: Historical Residential Sales and Inventory Sales Inventory 20 Gadsden Sales Gadsden Inventory Page 4 of 5

5 Average Days on the Market and Median Sales Price Average DOM , , , ,000,000,000,000 Median Sales Price Gadsden Average DOM Gadsden Median Sales Price,000 This report is compiled and brought to you by ACRE Research. You should not treat any information expressed in ACRE Reports as a specific inducement to make a particular investment or follow a particular strategy. The Alabama Center for Real Estate (ACRE) and/or its partners/work product sponsors does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. ACRE will not be liable for any loss or damage caused by your reliance on information contained in ACRE Reports. Page 5 of 5