Sales: According to the East Alabama Board of Realtors, April residential sales in the Phenix City area decreased 25.8% year-over-year (Y/Y) from 151 to 112 closed transactions. Sales decreased 4.3% from March. Sales are down 33.7% 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 April increased 5.7% year-over-year from 174 to 184 active listings. At the current sales pace, all the active inventory on the market would sell in 1.6 months, up from 1.5 months in March and from 1.2 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 $251,500, a decrease of 0.9% from one year ago and an increase of 1.0% 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 35 days on the market (DOM), 12 days slower than April 2022.
Forecast: April sales were 19 units, or 14.7%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 131 sales for the month, while actual sales were 112 units. ACRE forecast a total of 462 residential sales in the area year-to-date, while there were 402 actual sales through April, a difference of 13.0%.
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.