A strengthening market in Prattville
by Sheila Meuse
Our local Central Alabama area real estate markets vary widely. In some areas there is a solid buyer’s market and the ample supply of homes gives buyers an advantage in negotiating the best deal. Prattville seems to be leading the way toward a better balance in home supply with a continued trend toward a seller’s market. Compared with the available homes for sale, the trend from August has continued into September with fewer listings and steady home sales. This emerging trend is showing a continued strengthening of the Prattville real estate market, especially when compared with the same time period last year.
Stable demand, fewer competing listings, higher median prices
Overall in the Prattville real estate market, conditions are continuing to reflect improvements in the market. Out of 104 Prattville single family residential active listings in September 2016, there were 26 homes sold. During the same period a year ago , there were 25 sales, however there were 146 listings for buyers to choose from. There are only 87 currently active single family residential listings in Prattville as of today.
Median prices are up too! Based on statistics from the Montgomery Area Association of Realtors, Multiple Listing Service (MLS), in September 2016, Prattville of the 26 single family residential homes sold, the average (median) unit cost was $ 176,150. Although home sales for September 2015 were at a similar pace (25 sales) they were at a significant lower average (median) price per sold unit of $160,000 a year ago.
Homes that sold are selling faster! Average days on the market for Prattville homes that have sold is going down significantly. That’s good news especially for sellers! In September 2016, homes that sold were on the market an median average of only 34 days. This compares with more than double that time, 78 days, for homes that sold back in September 2015 in Prattville. Overall in the River Region, homes that sold averaged 63 median days on the market. Prattville seems to be leading the way. Our area and Alabama in general, however, are lagging behind the nation in days to sell. Many states had median days to sell at fewer than 31 days. Only Alabama and Wyoming had a median of over 90 days from listing to home sale according to an article published recently by the National Association of Realtors: http://economistsoutlook.
Inventory trending downward
Our local MLS data continue to show a decrease in the number of single family residential listings available in Prattville. Based on the rate of sales, the inventory of available single family residential homes is only about a 3-4 month supply. A six month housing supply is considered a balanced market, with a supply less than six months favoring sellers. If you’re thinking of selling, now could be a good time to get your home on the market! If you’re thinking of buying, don’t hesitate–between overall low home prices compared with the rest of the nation and historically low interest rates–this could be a great opportunity for you!