Sales: According to the East Alabama Board of Realtors, June residential sales in the Phenix City area decreased 0.6% year-over-year (Y/Y) from 171 to 170 closed transactions. Following seasonal trends, sales increased 7.6% from May. Sales are up 17.2% 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 June increased 16.3% year-over-year from 202 to 235 active listings. At the current sales pace, all the active inventory on the market would sell in 1.4 months, unchanged from May and up from 1.2 months in June 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-5 months of supply.
Pricing: The area’s median sales price in June was $259,900, the highest on record and an increase of 15.5% from one year ago and an increase of 10.1% from May. 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 June averaged 18 days on the market (DOM), a record low and 7 days faster than June 2021.
Forecast: June sales were 8 units, or 4.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 170 sales for the month, while actual sales were 178 units. ACRE forecast a total of 920 residential sales in the area year-to-date, while there were 934 actual sales through June, a difference of 1.5%.
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.
