Sales: According to the East Alabama Board of Realtors, February residential sales in the Phenix City area decreased 34.5% year-over-year (Y/Y) from 142 to 93 closed transactions. Sales increased 16.3% from January. Sales are down 44.7% 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 February increased 48.7% year-over-year from 115 to 171 active listings. At the current sales pace, all the active inventory on the market would sell in 1.8 months, down from 4.4 months in January and from 0.8 months in February 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 February was $255,000, an increase of 10.6% from one year ago and an increase of 15.4% 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 50 days on the market (DOM), 23 days faster than February 2022.
Forecast: February sales were 8 units, or 11.2%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 105 sales for the month, while actual sales were 93 units. ACRE forecast a total of 198 residential sales in the area year-to-date, while there were 173 actual sales through February, a difference of 12.6%.
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.
