East Alabama home sales up 12% year-over-year in August

Sales: According to the East Alabama Board of Realtors, August residential sales in the Phenix City area increased 11.8% year-over-year (Y/Y) from 152 to 170 closed transactions. Following seasonal trends, sales decreased 11.5% from July. Sales are now up 11.4% 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 August declined 25.7% year-over-year from 222 to 165 active listings. At the current sales pace, all the active inventory on the market would sell in 1 month, up from 0.9 months in July and down from 1.3 months in August 2020. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.

Pricing: The area’s median sales price in August was $213,000, an increase of 10.7% from one year ago and a decrease of 4.5% from July. 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 August averaged 22 days on the market (DOM), 27 days faster than August 2020.

Forecast: August sales were 3 units, or 1.7%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 167 sales for the month, while actual sales were 170 units. ACRE forecast a total of 1,207 residential sales in the area year-to-date, while there were 1,159 actual sales through August, a difference of 4%.  

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

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