ALABAMA REAL ESTATE JOURNAL

East Alabama home sales average 24 days on market in November

Sales: According to the East Alabama Board of Realtors, November residential sales in the Phenix City area increased 10.5% year-over-year from 114 to 126 closed transactions. Sales decreased 24.1% from October and are now up 15.2% 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 November declined 46.9% year-over-year from 360 to 191 listings. Months of supply (inventory to sales ratio) decreased from 3.2 to 1.5, reflecting a market where seller’s generally have elevated bargaining power.

Pricing: The area’s median sales price in November was $199,900, an increase of 11.1% from one year ago and an increase of 1.5% from October. 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 November averaged 24 days on the market (DOM), 78 days faster than November 2019.

Forecast: November sales were 18 units, or 16.7%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 108 sales for the month, while actual sales were 126 units. ACRE projected a total of 1,370 residential sales in the area year-to-date, while there were 1,483 actual sales through November, a difference of 8.3%.

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 November 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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