January home sales in Lee County up significantly from one year ago

Sales: According to the Lee County Association of Realtors, January residential sales in the Auburn-Opelika area increased 37.5% year-over-year from 128 to 176 closed transactions. Following seasonal trends, sales decreased 9.3% from December. 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 January decreased 26.8% year-over-year from 619 to 453 listings. Months of supply decreased from 4.8 to 2.6, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The area’s median sales price in January was $273,120 a decrease of 1.3% from one year ago and an increase of 0.4% 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 66 days on the market (DOM), 8 days faster than January 2020.

Forecast: January sales were 6 units, or 3.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 170 sales for the month, while actual sales were 176 units.

New Construction: The 68 new homes sold represent 35.1% of all residential sales in the area in January. Total sales increased 65.9% year-over-year. The median sales price in January was $313,763, a decrease of 4% from December and a decrease of 3.6% from one year ago.

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 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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