ALABAMA REAL ESTATE JOURNAL

Lee County home sales cool in May

Sales: According to the Lee County Association of Realtors, May residential sales in the Auburn-Opelika area decreased 10.2% year-over-year from 284 to 255 closed transactions. Following seasonal trends, sales increased 6.7% from April. Sales are now down 7.6% 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: May Listings (403) increased 21.4% from April and increased 13.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.6 months, up from 1.4 in April and up from 1.3 months in May 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-6 months of supply.

Pricing: The area’s median sales price in May was $344,000, an increase of 16.6% from one year ago and an increase of 5.1% 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 38 days on the market (DOM), 6 days faster than May 2021. 

Forecast: May sales were 1 unit, or 0.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 256 sales for the month, while actual sales were 255 units. ACRE forecast a total of 1,066 sales in the area year-to-date, while there were 1,078 actual sales through May, a difference of 1.1%.   

New Construction: The 95 new homes sold represent 37.3% of all residential sales in the area in May. Total sales increased 17.3% year-over-year. The median sales price in May was $382,392, an increase of 3.0% from April and an increase of 18.5% 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.

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