East Alabama home sales decline slightly in April

Sales: According to the East Alabama Board of Realtors, April residential sales in the Phenix City area decreased 2.0% year-over-year (Y/Y) from 154 to 151 closed transactions. Following seasonal trends, sales increased 6.3% from March. Sales are now up 26.0% year-to-date. Two more resources to review: Quarterly Report and Annual Report.  

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

Inventory: April listings (174) increased 58.2% from March and increased 3.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.2 months, up from 0.8 in March and up from 1.1 months in April  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 April was 254,900, an increase of 28.0% from one year ago and an increase of 8.0% from March. 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 April  averaged 23 days on the market (DOM), unchanged from April 2021.

Forecast: April  sales were 4 units, or 2.7%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 155 sales for the month, while actual sales were 151 units. ACRE forecast a total of 591 residential sales in the area year-to-date, while there were 606 actual sales through April, a difference of 2.6%.  

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.