ALABAMA REAL ESTATE JOURNAL

Lee County home sales rise 13% in October

Sales: According to the Lee County Association of Realtors, October residential sales in the Auburn-Opelika area increased 13.2% year-over-year from 182 to 206 closed transactions. Sales decreased 16.3% from September. Sales are up 20.4% 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: September listings (393) decreased 2.7% from September and declined 26.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.9 months, up from 1.6 months in September and down 2.9 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 $299,900, an increase of 6.7% from one year ago and a decrease of 1.7% 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) a record low, and 34 days faster than October 2020. 

Forecast: October sales were 17 units, or 8.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 189 sales for the month, while actual sales were 206 units. ACRE forecast a total of 2,353 sales in the area year-to-date, while there were 2,430 actual sales through October, a difference of 3.3%.

New Construction: The 91 new homes sold represent 39.3% of all residential sales in the area in October. Total sales increased 37.3% year-over-year. The median sales price in October was $326,153, a decrease of 7.1% from September and a decrease of 2.1% 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 October 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.

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