East Alabama home sales increase in September

Sales: According to the East Alabama Board of Realtors, September residential sales in the Phenix City area increased 34.8% year-over-year from 112 to 151 closed transactions. Sales decreased 0.7% from August and are now up 11.7% 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 September declined 51.9% year-over-year from 399 to 192 listings. Months of supply (inventory to sales ratio) decreased from 3.6 to 1.3, reflecting a market where seller’s generally have elevated bargaining power.

Pricing: The area’s median sales price in September was $205,000, an increase of 17.2% from one year ago and an increase of 6.5% from August. 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 September averaged 61 days on the market (DOM), 43 days faster than September 2019.

Forecast: September sales were 26 units, or 20.8%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 125 sales for the month, while actual sales were 151 units. ACRE projected a total of 1,144 residential sales in the area year-to-date, while there were 1,191 actual sales through September, a difference of 4.1%.

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 September 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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