Sales: According to the East Alabama Board of Realtors, February residential sales in the Phenix City area increased 1% year-over-year (Y/Y) from 100 to 101 closed transactions, marking 8 consecutive months of Y/Y gains. Following seasonal trends, sales increased 7.5% from January. 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 February declined 55.9% year-over-year from 313 to 138 listings. Months of supply (inventory to sales ratio) decreased from 3.1 to 1.4, reflecting a market where seller’s generally have elevated bargaining power.
Pricing: The area’s median sales price in February was $178,800, an increase of 3.7% from one year ago and a decrease of 12.8% from January. 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 February averaged 52 days on the market (DOM), 59 days faster than February 2020.
Forecast: February sales were 31 units, or 23.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 132 sales for the month, while actual sales were 101 units. ACRE forecast a total of 256 residential sales in the area year-to-date, while there were 195 actual sales through February, a difference of 23.9%.
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 February 1 – 28, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results.