Sales: According to the East Alabama Board of Realtors, August residential sales in the Phenix City area decreased 26.5% year-over-year (Y/Y) from 170 to 125 closed transactions. Sales also decreased 28.2% from July. Sales are up 6.4% 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 August increased 41.8% year-over-year from 165 to 234 active listings. At the current sales pace, all the active inventory on the market would sell in 1.9 months, up from 1.4 months in July and from 1.0 months in August 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 August was $230,000, an increase of 8.0% from one year ago and a decrease of 2.1% from July. 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 August averaged 24 days on the market (DOM), 2 days slower than August 2021.
Forecast: August sales were 45 units, or 26.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 170 sales for the month, while actual sales were 125 units. ACRE forecast a total of 1,258 residential sales in the area year-to-date, while there were 1,233 actual sales through August, a difference of 2.0%.
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.