Lee County new construction home sales decline 7% in March

Sales: According to the Lee County Association of Realtors, March residential sales in the Auburn-Opelika area decreased 24.2% year-over-year from 244 to 185 closed transactions. Sales increased 31.2% from February. Sales are now down 26.0% 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: March Listings (472) increased 3.5% from February and increased 49.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.6 months, down from 3.2 months in February and up from 1.3 months in March 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 March was $326,000, an increase of 6.0% from one year ago and a decrease of 6.2% 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 71 days on the market (DOM), 31 days slower than March 2022. 

Forecast: March sales were 1 unit, or 0.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 186 sales for the month, while actual sales were 185 units. ACRE forecast a total of 453 sales in the area year-to-date, while there were 432 actual sales through March, a difference of 4.7%.   

New Construction: The 70 new homes sold represent 37.8% of all residential sales in the area in March. Total sales decreased 20.5% year-over-year. The median sales price in March was $373,950, a decrease of 7.0% from February and an increase of 9.5% 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.