According to the East Alabama Board of Realtors, January residential sales in the Phenix City area increased 13.8% year-over-year from 80 to 91 closed transactions. Contrary to seasonal trends, sales decreased 9.0% from December. 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 January decreased 31.7% year-over-year from 353 to 241 active listings. At the current sales pace, all the active inventory on the market would sell in 2.6 months, up from 2.3 in December and down from 4.4 months in January 2023. 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 January was $255,000, an increase of 15.4% from one year ago and a 3.3% increase from December. 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 January averaged 44 days on the market, 2 days slower than in January 2023.
Forecast: January sales were 5 units, or 4.7%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 96 sales for the month, while actual sales were 91 units.
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.
