Residential sales activity slows in Lee County during May 2020

Sales: According to the Lee County Association of Realtors, May residential sales in the Auburn-Opelika area decreased 22.5% year-over-year from 244 to 189 closed transactions. Following seasonal trends, sales increased 16.7% from April. Sales are down 1.8% year-to-date, and sales activity is likely to slow in the months ahead due to the growing economic impact of COVID-19. Two more resources to review: Quarterly Report and Annual Report.

For all of the Lee County area’s housing data, click here.

Inventory: Total homes listed for sale in May decreased 4.1% year-over-year from 667 to 640 listings. Months of supply increased from 2.7 to 3.4, reflecting a market where sellers generally have increased bargaining power.

Pricing: The area’s median sales price in May was $261,900, an increase of 11.5% from one year ago and an increase of 1.7% from April. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.

Homes sold in May averaged 63 days on the market (DOM), 8 days slower than May 2019.

Forecast: May sales were 80 units, or 29.7%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 269 sales for the month, while actual sales were 189 units. ACRE forecast a total of 951 residential sales in the area year-to-date, while actual sales were 827 units, a difference of 13%.

Click here to view the entire monthly report.

The Lee County Residential Monthly Report is developed in conjunction with the Lee County Association of Realtors to better serve area consumers.

Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period May 1 – 31, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the upcoming impact of COVID-19 on the housing market. 

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