East Alabama home sales continue growth from one year ago

Sales: According to the East Alabama Board of Realtors, May residential sales in the Phenix City area increased 19.8% year-over-year (Y/Y) from 121 to 145 closed transactions, marking eleven consecutive months of Y/Y gains. Against seasonal trends, sales decreased 5.8% from April. Sales are now up 20.9% 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 May declined 49.8% year-over-year from 283 to 142 listings. Months of supply (inventory to sales ratio) decreased from 2.3 to 1.0, reflecting a market where seller’s generally have elevated bargaining power.

Pricing: The area’s median sales price in May was $200,000, an increase of 3.6% from one year ago and an increase of 0.4% from April. 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 May averaged 43 days on the market (DOM), 6 days faster than May 2020.

Forecast: May sales were 28 units, or 16.2%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 173 sales for the month, while actual sales were 145 units. ACRE forecast a total of 725 residential sales in the area year-to-date, while there were 626 actual sales through May, a difference of 13.6%.

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 May 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.

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