Sales: According to the East Alabama Board of Realtors, May residential sales in the Phenix City area decreased 19.0% year-over-year (Y/Y) from 158 to 128 closed transactions. Sales increased 14.3% from April. Sales are down 30.6% 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 May decreased 6.7% year-over-year from 223 to 208 active listings. At the current sales pace, all the active inventory on the market would sell in 1.6 months, which hasn’t changed since April, and is up from 1.4 months in May 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 May was $245,500, an increase of 4.0% from one year ago and a decrease of 2.8% from April. 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 May averaged 31 days on the market (DOM), 11 days slower than May 2022.
Forecast: May sales were 8 units, or 5.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 136 sales for the month, while actual sales were 128 units. ACRE forecast a total of 598 residential sales in the area year-to-date, while there were 530 actual sales through May, a difference of 11.3%.
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.
