East Alabama home sales continue growth in April

Sales: According to the East Alabama Board of Realtors, April residential sales in the Phenix City area increased 55.6% year-over-year (Y/Y) from 99 to 154 closed transactions, marking 10 consecutive months of Y/Y gains. Following seasonal trends, sales increased 16.7% from March. Sales are now up 21.2% 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 April declined 42.7% year-over-year from 295 to 169 listings. Months of supply (inventory to sales ratio) decreased from 3.0 to 1.1, reflecting a market where seller’s generally have elevated bargaining power.

Pricing: The area’s median sales price in April was $199,200, an increase of 17.3% from one year ago and an increase of 2.4% from March. 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 April averaged 23 days on the market (DOM), 43 days faster than April 2020.

Forecast: April sales were nine units, or 6.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 145 sales for the month, while actual sales were 154 units. ACRE forecast a total of 552 residential sales in the area year-to-date, while there were 481 actual sales through April, a difference of 12.8%.

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 April 1 – 30, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.

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