November home sales in Lee County increase from one year ago

Sales: According to the Lee County Association of Realtors, November residential sales in the Auburn-Opelika area increased 29.7% year-over-year from 145 to 188 closed transactions. Sales increased 3.3% from October, and are now up 13.5% 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 November decreased 19.1% year-over-year from 627 to 507 listings. Months of supply decreased from 4.3 to 2.7, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The area’s median sales price in November was $287,908, an increase of 16.2% from one year ago and an increase of 2.5% 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 69 days on the market (DOM), 29 days faster than November 2019.
Forecast: November sales were 45 units, or 31.5%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 143 sales for the month, while actual sales were 188 units. ACRE forecast a total of 2,207 residential sales in the area year-to-date, while actual sales were 2,206 units, a difference of 0.05%.
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 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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