According to the Lee County Association of Realtors, September residential sales in the Auburn-Opelika area increased 5.9% year-over-year from 153 to 162 closed transactions. Sales decreased 23.9% from August. Sales are now down 11.5% 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: September Listings (558) decreased 1.4% from August and increased 7.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.4 months, up from 2.7 months in August and remaining constant from 3.4 months in September 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply.
Pricing: The area’s median sales price in September was $345,000, a decrease of 2.2% from one year ago and a decrease of 2.3% 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 49 days on the market (DOM), 8 days slower than September 2022.
Forecast: September sales were 2 units, or 1.1% above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 160 sales for the month, while actual sales were 162 units. ACRE forecast a total of 1,656 sales in the area year-to-date, while there were 1,594 actual sales through September, a difference of 3.7%.
New Construction: The 77 new homes sold represent 47.5% of all residential sales in the area in September. Total sales increased 45.3% year-over-year. The median sales price in September was $372,900, an increase of 5.6% from August and a decrease of 6.8% 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.
