Sales: According to the East Alabama Board of Realtors, December residential sales in the Phenix City area increased 13.61% year-over-year (Y/Y) from 147 to 167 closed transactions. Against seasonal trends, sales decreased 1.2% from November. Sales are now up 10.52% 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 December declined 22.9% year-over-year from 161 to 124 active listings. At the current sales pace, all the active inventory on the market would sell in 0.7 months, down from 0.9 a month ago in November and down from 1.1 months in December 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 December was $230,000, an increase of 26.4% from one year ago and an increase of 6.9% from November. 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 December averaged 30 days on the market (DOM), 4 days faster than December 2020.
Forecast: December sales were 16 units, or 10.92%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 151 sales for the month, while actual sales were 167 units. ACRE forecast a total of 1,803 residential sales in the area year-to-date, while there were 1,818 actual sales through December, a difference of 0.85%.
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 December 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.