East Alabama home sales rise significantly in November

Sales: According to the East Alabama Board of Realtors, November residential sales in the Phenix City area increased 34.1% year-over-year (Y/Y) from 126 to 169 closed transactions. Going against seasonal trends, sales increased 5.6% from October. Sales are up 11.3% year-to-date. Two more resources to review: Quarterly Report and Annual Report.  

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

Inventory: November listings (146) decreased 7.6% from October and declined 23.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 0.9 months, down from 1.0 October and down from 1.5 months in November 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 November was $215,000, an increase of 7.6% from one year ago and an increase of 2.3% from October. 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 November averaged 27 days on the market (DOM), 3 days slower than November 2020.

Forecast: November sales were 25 units, or 17%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 144 sales for the month, while actual sales were 169 units. ACRE forecast a total of 1,652 residential sales in the area year-to-date, while there were 1,651 actual sales through November, a difference of 0.1%.  

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

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