Sales: According to the Lee County Association of Realtors, July residential sales in the Auburn-Opelika area decreased 14.8% year-over-year from 283 to 241 closed transactions. Going against seasonal trends, sales decreased 13% from June. Sales are now down 7.8% 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: July Listings (478) increased 11.2% from June and increased 13.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.0 months, up from 1.5 months in June and up from 1.5 months in July 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 July was $329,900, an increase of 10.0% from one year ago and a decrease of 6.5% from June. 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 July averaged 30 days on the market (DOM), 9 days faster than July 2021.
Forecast: July sales were 8 units, or 3.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 249 sales for the month, while actual sales were 241 units. ACRE forecast a total of 1,568 sales in the area year-to-date, while there were 1,591 actual sales through July, a difference of 1.8%.
New Construction: The 76 new homes sold represent 27.3% of all residential sales in the area in July. Total sales decreased 6.2% year-over-year. The median sales price in July was $367,528, a decrease of 18.3% from June and an increase of 11.2% 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.
