Sales: According to the Lee County Association of Realtors, February residential sales in the Auburn-Opelika area decreased 26.9% year-over-year from 193 to 141 closed transactions. Sales increased 33.0% from January. Sales are now down 27.4% 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: February Listings (456) increased 1.6% from January and increased 54.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.2 months, down from 4.2 months in January and up from 1.5 months in February 2022. 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 February was $347,450, an increase of 7.2% from one year ago and a decrease of 4.1% from January. 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 February averaged 75 days on the market (DOM), 36 days slower than February 2021.
Forecast: February sales were 7 units, or 4.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 148 sales for the month, while actual sales were 141 units. ACRE forecast a total of 267 sales in the area year-to-date, while there were 247 actual sales through February, a difference of 7.6%.
New Construction: The 62 new homes sold represent 44.0% of all residential sales in the area in February. Total sales decreased 25.3% year-over-year. The median sales price in February was $402,070, a decrease of 17.1% from January and an increase of 9.0% 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.
