ALABAMA REAL ESTATE JOURNAL

Lee County home sales continue to rise in May

Sales: According to the Lee County Association of Realtors, May residential sales in the Auburn-Opelika area increased 50.3% year-over-year from 189 to 284 closed transactions, marking 12 consecutive months of Y/Y gains. Following seasonal trends, sales increased 8.4% from April. Sales are now up 41.11% 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 May decreased 44.5% year-over-year from 640 to 355 listings. Months of supply decreased from 3.4 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 May was $295,000 an increase of 12.6% from one year ago and an increase of 5.6% 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 49 days on the market (DOM), 19 days faster than May 2020.

Forecast: May sales were 17 units, or 5.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 301 sales for the month, while actual sales were 284 units. ACRE forecast a total of 1142 sales in the area year-to-date, while there were 1167 actual sales through May, a difference of 2.2%.

New Construction: The 81 new homes sold represent 28.5% of all residential sales in the area in May. Total sales increased 47.3% year-over-year. The median sales price in May was $322,034, an increase of 3.7% from April and an increase of 7.4% 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 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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