Lee County home sales slow in January

Sales: According to the Lee County Association of Realtors, January residential sales in the Auburn-Opelika area decreased 16.5% year-over-year from 176 to 147 closed transactions, halting five consecutive months of Y/Y gains. Sales decreased 32.6% from December. Sales are down 16.5% 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: January listings (311) decreased 2.5% from December and declined 31.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.1 months, up from 1.5 months in December and down from the 2.6 months in January 2021. 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 January was $296,640, an increase of 8.6% from one year ago and a decrease of 2.4% from December. 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 January averaged 36 days on the market (DOM), 30 days faster than January 2021. 

Forecast: January sales were 31 units, or 17.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 178 sales for the month, while actual sales were 147 units. ACRE forecast a total of 178 sales in the area year-to-date, while there were 147 actual sales through January, a difference of 17.4%.

New Construction: The 53 new homes sold represent 36.1% of all residential sales in the area in January. Total sales decreased 22.1% year-over-year. The median sales price in January was $350,000, an increase of 0.5% from December and of 11.5% 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 January 1 – 31, 2022. Thus, the performance represented is historical and should not be used as an indicator of future results.

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