Sales: According to the Lee County Association of Realtors, January residential sales in the Auburn-Opelika area decreased 27.9% year-over-year from 147 to 106 closed transactions. Sales decreased 33.8% from December. Sales are now down 27.9% 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: January Listings (449) decreased 4.3% from December and increased 44.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.2 months, up from 2.9 months in December and up from 2.1 months in January 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 January was $362,250, an increase of 22.1% from one year ago and a decrease of 0.7% from December. 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 January averaged 71 days on the market (DOM), 35 days slower than January 2021.
Forecast: January sales were 14 units, or 11.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 120 sales for the month, while actual sales were 106 units. ACRE forecast a total of 120 sales in the area year-to-date, while there were 106 actual sales through January, a difference of 11.3%.
New Construction: The 44 new homes sold represent 41.5% of all residential sales in the area in January. Total sales decreased 17.0% year-over-year. The median sales price in January was $485,238, an increase of 22.7% from December and an increase of 38.6% 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.
