Sales: According to the East Alabama Board of Realtors, July residential sales increased 105.6% year-over-year from 108 to 222 closed transactions. Sales increased 50% from June and are now up 10.2% year-to-date. 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 July declined 42.2% year-over-year from 370 to 214 listings. Months of supply (inventory to sales ratio) decreased from 3.4 to 1.0, reflecting a market where seller’s generally have elevated bargaining power.
Pricing: The area’s median sales price in July was $186,000, an increase of 3.4% from one year ago and an increase of 1.7% 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 51 days on the market (DOM), 41 days faster than July 2019.
Forecast: July sales were 90 units, or 68.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 132 sales for the month, while actual sales were 222 units. ACRE projected a total of 872 residential sales in the area year-to-date, while there were 888 actual sales through July, a difference of 1.8%.
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 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.
