East Alabama homes sales decline 26% year-over-year in October

Sales: According to the East Alabama Board of Realtors, October residential sales in the Phenix City area decreased 26.3% year-over-year (Y/Y) from 160 to 118 closed transactions. Sales decreased 7.1% from September. Sales are down 0.3% 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 October increased 63.9% year-over-year from 158 to 259 active listings. At the current sales pace, all the active inventory on the market would sell in 2.2 months, up from 2.0 months in September and from 1.0 months in October 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 October was $244,500, an increase of 16.3% from one year ago and a decrease of 1.0% from September. 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 October averaged 26 days on the market (DOM), 0 days slower than October 2021.

Forecast: October sales were 27 units, or 18.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 145 sales for the month, while actual sales were 118 units. ACRE forecast a total of 1,568 residential sales in the area year-to-date, while there were 1,478 actual sales through October, a difference of 5.7%.  

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.