Sales: According to the Lee County Association of Realtors, March residential sales in the Auburn-Opelika area increased 42.8% year-over-year from 180 to 257 closed transactions, marking ten consecutive months of Y/Y gains. Following seasonal trends, sales increased 36.7% from February. Sales are now up 30.5% year-to-date. 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 March decreased 43.1% year-over-year from 705 to 401 listings. Months of supply decreased from 3.9 to 1.6, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The area’s median sales price in March was $279,900 an increase of 16.1% from one year ago and an increase of 1.8% 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 57 days on the market (DOM), 8 days slower than March 2020.
Forecast: March sales were 17 units, or 7.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 240 sales for the month, while actual sales were 257 units. ACRE forecast a total of 604 sales in the area year-to-date, while there were 621 actual sales through March, a difference of 2.8%.
New Construction: The 85 new homes sold represent 33.1% of all residential sales in the area in March. Total sales increased 97.7% year-over-year. The median sales price in March was $313,555, an increase of 2.2% from February and an increase of 3.7% 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 March 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.