Alabaster, AL 1st quarter home sales: 2014 vs. 2015
I keep hearing from agents in my area that inventory is low and homes are selling quickly. This is a general statement of course and may not be true for all markets but by the looks of the charts I’ve put together here that seems to be true for this area of Shelby County. The number of home sales in 2015 have surpassed those of one year ago by 11 units. Let’s take a closer look at Alabaster, AL 1st quarter home sales: 2014 vs. 2015 by comparing a couple of other stats.
Average sold price
January 2015 saw a big gap in the average sold price from a year ago, while in February and March the difference narrowed. 2015 had and average price in the first quarter of $167,740 while in 2014 it was at $153,975, a difference of $13,765.
Days on market
Similar to the trend for average sold price, the days on market (DOM) started out in January of 2015 at 56, a reduction of 22 days from 2014, which was at 78 days. This increased in February to 31 and then declined in March to 0, for a total difference in day on market of 16 days.
Months of Inventory
As you might expect based on the other two stats, the months of inventory declined overall during the first quarter. This decline has a direct effect on days on market as well as an indirect effect on the average sold price, since prices tend to rise when less inventory exists.
As I noted, all of these sales stats are dependent on one another, with changes in one effecting the other. So what have you seen in your area? Are you seeing anything similar to what’s happening in Alabaster, AL? Feel free to leave a comment below.