East Alabama home sales average 36 days on market in January

Sales: According to the East Alabama Board of Realtors, January residential sales in the Phenix City area increased 16.1% year-over-year (Y/Y) from 81 to 94 closed transactions, marking 7 consecutive months of Y/Y gains. Following seasonal trends, sales decreased 36.1% from December. 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 January declined 50.8% year-over-year from 325 to 160 listings. Months of supply (inventory to sales ratio) decreased from 4.0 to 1.7, reflecting a market where seller’s generally have elevated bargaining power.

Pricing: The area’s median sales price in January was $205,000, an increase of 24.2% from one year ago and an increase of 12.6% from December. 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 January averaged 36 days on the market (DOM), 79 days faster than January 2020.

Forecast: January sales were 30 units, or 24.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 124 sales for the month, while actual sales were 94 units.

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 January 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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