East Alabama home sales increase 14% year-over-year in December

Sales: According to the East Alabama Board of Realtors, December residential sales in the Phenix City area increased 14% year-over-year from 129 to 147 closed transactions. Sales increased 16.7% from November and are now up 15.1% 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 December declined 52.2% year-over-year from 337 to 161 listings. Months of supply (inventory to sales ratio) decreased from 2.6 to 1.1, reflecting a market where seller’s generally have elevated bargaining power.

Pricing: The area’s median sales price in December was $182,000, an increase of 7.1% from one year ago and a decrease of 9% from November. 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 December averaged 34 days on the market (DOM), 81 days faster than December 2019.

Forecast: December sales were 32 units, or 27.8%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 115 sales for the month, while actual sales were 147 units. ACRE projected a total of 1,485 residential sales in the area year-to-date, while there were 1,630 actual sales through December, a difference of 9.8%.

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 December 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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