Lee County home sales down 27% in December

Sales: According to the Lee County Association of Realtors, December residential sales in the Auburn-Opelika area decreased 26.6% year-over-year from 218 to 160 closed transactions. Sales increased 5.9% from November. Sales are now down 13.1% 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: December Listings (469) decreased 2.7% from November and increased 47.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.9 months, up from 2.8 months in November and up from 1.5 months in December 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 December was $364,847, an increase of 20.0% from one year ago and an increase of 5.7% 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 68 days on the market (DOM), 38 days slower than December 2021. 

Forecast: December sales were 20 units, or 11.0%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 180 sales for the month, while actual sales were 160 units. ACRE forecast a total of 2,470 sales in the area year-to-date, while there were 2,477 actual sales through December, a difference of 0.3%.   

New Construction: The 57 new homes sold represent 35.6% of all residential sales in the area in December. Total sales decreased 36.0% year-over-year. The median sales price in December was $395,447, a decrease of 4.1% from November and an increase of 13.6% 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.