East Alabama home sales increase in October

Sales: According to the East Alabama Board of Realtors, October residential sales in the Phenix City area increased 55.1% year-over-year from 107 to 166 closed transactions. Sales increased 9.9% from September and are now up 15.7% 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 October declined 47.6% year-over-year from 380 to 199 listings. Months of supply (inventory to sales ratio) decreased from 3.6 to 1.2, reflecting a market where seller’s generally have elevated bargaining power.

Pricing: The area’s median sales price in October was $197,000, an increase of 22.4% from one year ago and a decrease of 3.9% from September. 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 October averaged 51 days on the market (DOM), 49 days faster than October 2019.

Forecast: October sales were 48 units, or 40.7%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 118 sales for the month, while actual sales were 166 units. ACRE projected a total of 1,262 residential sales in the area year-to-date, while there were 1,357 actual sales through October, a difference of 7.5%.

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 October 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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