Sales: According to the East Alabama Board of Realtors, March residential sales in the Phenix City area decreased 17.6% year-over-year (Y/Y) from 142 to 117 closed transactions. Sales increased 25.8% from February. Sales are down 36.3% 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 March increased 58.2% year-over-year from 110 to 174 active listings. At the current sales pace, all the active inventory on the market would sell in 1.5 months, down from 1.8 months in February and from 0.8 months in March 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 March was $249,900, an increase of 5.9% from one year ago and a decrease of 2.0% from February. 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 March averaged 46 days on the market (DOM), 22 days faster than March 2022.
Forecast: March sales were 15 units, or 11.7%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 132 sales for the month, while actual sales were 117 units. ACRE forecast a total of 330 residential sales in the area year-to-date, while there were 290 actual sales through March, 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.
