May homes sales reach record low average days on market in East Alabama

Sales: According to the East Alabama Board of Realtors, May residential sales in the Phenix City area increased 9.0% year-over-year (Y/Y) from 145 to 158 closed transactions. Following seasonal trends, sales increased 4.6% from April. Sales are now up 22.0% year-to-date. Two more resources to review: Quarterly Report and Annual Report.  

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

Inventory: Total homes listed for sale in May increased 57.0% year-over-year from 142 to 223 active listings. At the current sales pace, all the active inventory on the market would sell in 1.4 months, up from 1.2 months in April and from 1.0 months in May 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 May was $236,130, an increase of 18.1% from one year ago and a decrease of 7.4% from April. 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 May averaged 20 days on the market (DOM), a record low and 23 days faster than May 2021.

Forecast: May sales were 6 units, or 3.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 152 sales for the month, while actual sales were 158 units. ACRE forecast a total of 743 residential sales in the area year-to-date, while there were 764 actual sales through May, a difference of 2.9%.  

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 May 1 – 31, 2022. Thus, the performance represented is historical and should not be used as an indicator of future results.

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