According to the Lee County Association of Realtors, October residential sales in the Auburn-Opelika area increased 1.8% year-over-year from 166 to 169 closed transactions. Sales increased 4.3% from September. Sales are now down 17.9% 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: October Listings (603) increased 8.1% from September and increased 14.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.6 months, up from 3.4 months in September and up from 3.2 months in October 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 October was $359,900, an increase of 4.4% from one year ago and an increase of 4.3% from September. 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 October averaged 46 days on the market (DOM), 8 days slower than October 2022.
Forecast: October sales were 24 units, or 16.4% above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 145 sales for the month, while actual sales were 169 units. ACRE forecast a total of 1,801 sales in the area year-to-date, while there were 1,763 actual sales through October, a difference of 2.1%.
New Construction: The 70 new homes sold represent 41.4% of all residential sales in the area in October. Total sales increased 22.8% year-over-year. The median sales price in October was $364,850, a decrease of 2.2% from September and a decrease of 9.1% 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.
