East Alabama home sales increase 13% in March

Sales: According to the East Alabama Board of Realtors, March residential sales in the Phenix City area increased 12.8% year-over-year (Y/Y) from 117 to 132 closed transactions, marking 9 consecutive months of Y/Y gains. Following seasonal trends, sales increased 30.7% from February. Sales are now up 9.7% 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 March declined 48.3% year-over-year from 315 to 163 listings. Months of supply (inventory to sales ratio) decreased from 2.7 to 1.2, reflecting a market where seller’s generally have elevated bargaining power.

Pricing: The area’s median sales price in March was $194,500, an increase of 14.4% from one year ago and an increase of 8.8% from February. 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 March averaged 35 days on the market (DOM), 35 days faster than March 2020.

Forecast: March sales were 18 units, or 12.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 150 sales for the month, while actual sales were 132 units. ACRE forecast a total of 406 residential sales in the area year-to-date, while there were 327 actual sales through March, a difference of 19.5%.

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 March 1 – 31, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results.

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