Home sales in Lee County up again in July 2020

Sales: According to the Lee County Association of Realtors, July residential sales in the Auburn-Opelika area increased 36.6% year-over-year from 224 to 306 closed transactions. Sales increased 17.7% from June, and are now up 9.4% year-to-date. 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 July decreased 8.9% year-over-year from 653 to 595 listings. Months of supply decreased from 2.9 to 1.9, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The area’s median sales price in July was $255,600, a decrease of 3.7% from one year ago and a decrease of 4% from June. 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 July averaged 79 days on the market (DOM), 6 days slower than July 2019.

Forecast: July sales were 27 units, or 9.7%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 279 sales for the month, while actual sales were 306 units. ACRE forecast a total of 1,504 residential sales in the area year-to-date, while actual sales were 1,393 units, a difference of 7.4%.

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 July 1 – 31, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the impact of COVID-19 on the housing market. 

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