According to the East Alabama Board of Realtors, November residential sales in the Phenix City area decreased 32.4% year-over-year from 136 to 92 closed transactions. Contrary to seasonal trends, sales decreased 15.6% from October. Sales are down 22.0% 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 November increased 8.2% year-over-year from 233 to 252 active listings. At the current sales pace, all the active inventory on the market would sell in 2.7 months, up from 2.4 in October and up from 1.7 months in November 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 November was $252,500, an increase of 17.4% from one year ago and a decrease of 2.9% from October. 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 November averaged 44 days on the market, 1 day slower than in November 2022.
Forecast: November sales were 39 units, or 29.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 131 sales for the month, while actual sales were 92 units. The forecast also predicted a total of 1,448 residential sales in the area year-to-date, while there were 1,259 actual sales through November, a difference of 13.0%.
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.
