Sales: According to the East Alabama Board of Realtors, December residential sales in the Phenix City area decreased 24.0% year-over-year (Y/Y) from 167 to 127 closed transactions. Sales decreased 6.6% from November. Sales are down 4.2% 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 December increased 70.0% year-over-year from 124 to 335 active listings. At the current sales pace, all the active inventory on the market would sell in 2.6 months, up from 1.7 months in November and from 0.7 months in December 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 December was $224,000, a decrease of 2.6% from one year ago and an increase of 4.2% from November. 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 December averaged 51 days on the market (DOM), 21 days slower than December 2021.
Forecast: December sales were 24 units, or 15.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 151 sales for the month, while actual sales were 127 units. ACRE forecast a total of 1,863 residential sales in the area year-to-date, while there were 1,741 actual sales through December, a difference of 6.5%.
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.
