According to the East Alabama Board of Realtors, June residential sales in the Phenix City area declined 14.7% year-over-year from 170 to 145 closed transactions. Following seasonal trends, sales increased 13.3% from May. However, sales are down 27.7% 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 June increased 45.1% year-over-year from 235 to 341 active listings. At the current sales pace, all the active inventory on the market would sell in 2.4 months, up from 1.6 in May and 1.4 months in June 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is six months of supply.
Pricing: The area’s median sales price in June was $265,500, an increase of 2.0% from one year ago and a 7.9% uptick from May. The differing sample size — the number of residential sales in 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 June averaged 32 days on the market, 14 days slower than in June 2022.
Forecast: June sales were seven units, or 4.7%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 152 sales for the month, while actual sales were 145 units. The forecast also predicted a total of 750 residential sales in the area year-to-date, while there were 675 actual sales through June, a difference of 10.0%.
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.
