Sales: According to the East Alabama Board of Realtors, November residential sales in the Phenix City area decreased 19.5% year-over-year (Y/Y) from 169 to 136 closed transactions. Sales increased 15.3% from October. Sales are down 2.2% 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 November increased 59.6% year-over-year from 146 to 233 active listings. At the current sales pace, all the active inventory on the market would sell in 1.7 months, down from 2.2 months in October and from 0.9 months in November 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 November was $215,000, an increase of 0.0% from one year ago and a decrease of 12.1% from October. 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 November averaged 43 days on the market (DOM), 16 days slower than November 2021.
Forecast: November sales were 8 units, or 5.7%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 144 sales for the month, while actual sales were 136 units. ACRE forecast a total of 1,712 residential sales in the area year-to-date, while there were 1,614 actual sales through November, 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.