According to the East Alabama Board of Realtors, September residential sales in the Phenix City area increased 0.8% year-over-year from 127 to 128 closed transactions. Contrary to seasonal trends, sales increased 1.6% from August. Sales are down 22.2% 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 September decreased 18.3% year-over-year from 257 to 210 active listings. At the current sales pace, all the active inventory on the market would sell in 1.6 months, down from 1.7 in August and down from 2.0 months in September 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 September was $260,500, an increase of 5.5% from one year ago and an increase of 0.2% from August. 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 September averaged 26 days on the market, 2 days slower than in September 2022.
Forecast: September sales were 1 unit, or 0.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 129 sales for the month, while actual sales were 128 units. The forecast also predicted a total of 1,185 residential sales in the area year-to-date, while there were 1,058 actual sales through September, a difference of 10.7%.
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.
