Sales: According to the Lee County Association of Realtors, April residential sales in the Auburn-Opelika area decreased 37.7% year-over-year from 239 to 149 closed transactions. Sales decreased 19.5% from March. Sales are now down 29.4% 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: April Listings (481) increased 1.9% from March and increased 44.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.2 months, up from 2.6 months in March and up from 1.4 months in April 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The area’s median sales price in April was $325,000, a decrease of 0.7% from one year ago and a decrease of 0.3% from March. 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 April averaged 56 days on the market (DOM), 24 days slower than April 2022.
Forecast: April sales were 19 units, or 11.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 168 sales for the month, while actual sales were 149 units. ACRE forecast a total of 621 sales in the area year-to-date, while there were 581 actual sales through April, a difference of 6.5%.
New Construction: The 54 new homes sold represent 36.2% of all residential sales in the area in April. Total sales decreased 43.2% year-over-year. The median sales price in April was $372,450, a decrease of 0.4% from March and an increase of 0.3% 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.
