Sales: According to the East Alabama Board of Realtors, June residential sales increased 1.4% year-over-year from 146 to 148 closed transactions. Following seasonal trends, sales increased 22.3% from May. Sales are down 4.6% year-to-date, and are likely to decline in the months ahead due to the growing economic impact of the pandemic. Two more resources to review: Quarterly Report and Annual Report.
For all of the Phenix City Area’s housing data, click here.
Inventory: Total homes listed for sale in June declined 28.6% year-over-year from 374 to 267 listings. Months of supply (inventory to sales ratio) decreased from 2.6 to 1.8, reflecting a market where seller’s generally have elevated bargaining power.
Pricing: The area’s median sales price in June was $182,900, an increase of 13.3% from one year ago and a decrease of 5.2% from May. 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 June averaged 72 days on the market (DOM), 13 days slower than June 2019.
Forecast: June sales were three units, or 2.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 145 sales for the month, while actual sales were 148 units. ACRE projected a total of 740 residential sales in the area year-to-date, while there were 666 actual sales through June, a difference of 10%.
Click here to view the entire monthly report.
The Phenix City Area Residential Monthly Report is developed in conjunction with the East Alabama Board 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 June 1 – 30, 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.
