East Alabama home sales up again in August

Sales: According to the East Alabama Board of Realtors, August residential sales in the Phenix City area increased 2.7% year-over-year from 148 to 152 closed transactions. Sales decreased 31.5% from July and are now up 9% year-to-date. Two more resources to review: Quarterly Report and Annual Report.

For all of East Alabama’s housing data, click here.

Inventory: Total homes listed for sale in August declined 41.1% year-over-year from 377 to 222 listings. Months of supply (inventory to sales ratio) decreased from 2.5 to 1.5, reflecting a market where seller’s generally have elevated bargaining power.

Pricing: The area’s median sales price in August was $192,500, an increase of 5.8% from one year ago and an increase of 3.5% from July. 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 August averaged 49 days on the market (DOM), 42 days faster than August 2019.

Forecast: August sales were 5 units, or 3.4%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 147 sales for the month, while actual sales were 152 units. ACRE projected a total of 1,019 residential sales in the area year-to-date, while there were 1,040 actual sales through August, a difference of 2.1%.

Click here to view the entire monthly report.

The East Alabama 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 August 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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