Sales: According to the East Alabama Board of Realtors, January residential sales in the Phenix City area decreased 53.2% year-over-year (Y/Y) from 171 to 80 closed transactions. Sales decreased 37.0% from December. Sales are down 53.2% 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 January increased 182.4% year-over-year from 125 to 353 active listings. At the current sales pace, all the active inventory on the market would sell in 4.4 months, up from 2.6 months in December and from 0.7 months in January 2022. 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 January was $221,000, a decrease of 3.9% from one year ago and a decrease of 1.3% 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 42 days on the market (DOM), 12 days slower than January 2022.
Forecast: January sales were 13 units, or 14.2%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 93 sales for the month, while actual sales were 80 units. ACRE forecast a total of 93 residential sales in the area year-to-date, while there were 80 actual sales through January, a difference of 14.2%.
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.