ALABAMA REAL ESTATE JOURNAL

Lee County home sales continue to rise in August 2020

Sales: According to the Lee County Association of Realtors, August residential sales in the Auburn-Opelika area increased 18.5% year-over-year from 205 to 243 closed transactions. Sales decreased 20.6% from July, and are now up 10.7% 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 August decreased 4.5% year-over-year from 620 to 592 listings. Months of supply decreased from 3.0 to 2.4, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The area’s median sales price in August was $277,277, an increase of 16.5% from one year ago and an increase of 8.5% 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 74 days on the market (DOM), 9 days faster than August 2019.

Forecast: August sales were 10 units, or 4.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 233 sales for the month, while actual sales were 243 units. ACRE forecast a total of 1,737 residential sales in the area year-to-date, while actual sales were 1,636 units, a difference of 5.8%.

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 August 1 – 30, 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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