Lee County home sales down 6% year-over-year in August

Sales: According to the Lee County Association of Realtors, August residential sales in the Auburn-Opelika area decreased 6.1% year-over-year from 246 to 231 closed transactions. Going against seasonal trends, sales decreased 4.2% from July. 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: August Listings (469) decreased 1.9% from July and increased 12.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.0 months, the same as in July and up from 1.7 months in August 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 August was $325,999, an increase of 6.7% from one year ago and a decrease of 1.2% 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 34 days on the market (DOM), 4 days slower than August 2021. 

Forecast: August sales were 19 units, or 9.0%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 212 sales for the month, while actual sales were 231 units. ACRE forecast a total of 1,780 sales in the area year-to-date, while there were 1,828 actual sales through August, a difference of 2.7%.   

New Construction: The 73 new homes sold represent 31.6% of all residential sales in the area in August. Total sales decreased 3.9% year-over-year. The median sales price in August was $384,147, an increase of 4.0% from July and an increase of 8.7% 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.