How is the real estate Alabama market going?
Alabama Real Estate Evaluation:
The Real estate housing market is expected to require at least 3.8 million family houses to fulfill the rising demand. For the first-time homeowners are buying property in Alabama since interest rates have plunged due to pandemic.
In the first quarter of the year 2021 home sales have risen approximately 24% with 7000 closed deals.
Whereas listed homes sales decreased 47 % because housing inventory has declined year-over-year for 73 consecutive months reflecting a market where sellers generally have elevated bargaining power.
The statewide median sales price increased up to 7% in March. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
ACRE forecast the total number sales of 17,087 sales in the state, while there were 17,050 actual sales through March, a difference of 0.2%.
The total sales of home construction increased 20.6% year-over-year, predicting the streak of gains in new home sales in Alabama will continue for the coming days. In March the median sales price was $276,583 with an increase of 9.4% from the previous year.
The sale of existing homes is expected to hit records of $329,100, rising 17.2% year-over-year. Low mortgage rates and rising affordability can still make buyers active in the market.
Economic outlook shows an encouraging trend due to low mortgage rates to give upticks in future.
A strong demand for houses for sale in Alabama has rendered rising 18.9% Y/Y. Home sales prices continued to trend upward in March-April.
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