Sales: According to the East Alabama Board of Realtors, October residential sales in the Phenix City area decreased 3.6% year-over-year (Y/Y) from 166 to 160 closed transactions. Following seasonal trends, sales decreased 1.8% from September. Sales are up 9.2% 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 October declined 20.6% year-over-year from 199 to 158 active listings. At the current sales pace, all the active inventory on the market would sell in 1.0 months, unchanged from September and down from 1.2 months in October 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 October was $210,170, an increase of 6.7% from one year ago and a decrease of 1.8% from September. 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 October averaged 26 days on the market (DOM), 25 days faster than October 2020.
Forecast: October sales were 11 units, or 7.5%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 149 sales for the month, while actual sales were 160 units. ACRE forecast a total of 1,508 residential sales in the area year-to-date, while there were 1,482 actual sales through October, a difference of 1.7%.
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 October 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.