April home sales in Lee County up from one year ago

Sales: According to the Lee County Association of Realtors, April residential sales in the Auburn-Opelika area increased 61.7% year-over-year from 162 to 262 closed transactions, marking eleven consecutive months of Y/Y gains. Following seasonal trends, sales increased 1.95% from March. Sales are now up 38.4% 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 April decreased 48.9% year-over-year from 673 to 344 listings. Months of supply decreased from 4.2 to 1.3, a record low and reflecting a market where sellers generally have elevated bargaining power.

Pricing: The area’s median sales price in April was $279,500 an increase of 9.3% from one year ago and a decrease of 0.1% 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 49 days on the market (DOM), 8 days slower than April 2020.

Forecast: April sales were 25 units, or 10.5%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 237 sales for the month, while actual sales were 262 units. ACRE forecast a total of 841 sales in the area year-to-date, while there were 883 actual sales through April, a difference of 5.0%.

New Construction: The 85 new homes sold represent 32.4% of all residential sales in the area in April. Total sales increased 84.8% year-over-year. The median sales price in April was $310,400, a decrease of 1.0% from March and a decrease of 3.4% 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 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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