East Alabama home sales continue growth in June 2021

Sales: According to the East Alabama Board of Realtors, June residential sales in the Phenix City area increased 15.6% year-over-year (Y/Y) from 148 to 171 closed transactions, marking twelve consecutive months of Y/Y gains. Following seasonal trends, sales increased 17.9% from May. Sales are now up 19.7% year-to-date. Two more resources to review: Quarterly Report and Annual Report.

For all of East Alabama’s housing data, click here.

Inventory: June listings (202) increased 42.3% from May but declined 24.3% from one year ago. Months of supply (inventory to sales ratio) also decreased from 1.8 to 1.2, reflecting a market where seller’s generally have elevated bargaining power.

Pricing: The area’s median sales price in June was $225,000, an increase of 23.0% from one year ago and an increase of 12.5% from May. 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 June averaged 25 days on the market (DOM), 47 days faster than June 2020.

Forecast: June sales were 13 units, or 8.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 158 sales for the month, while actual sales were 171 units. ACRE forecast a total of 882 residential sales in the area year-to-date, while there were 797 actual sales through June, a difference of 9.7%.

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

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