According to the East Alabama Board of Realtors, February residential sales in the Phenix City area decreased 3.2% year-over-year from 93 to 90 closed transactions. Contrary to seasonal trends, sales decreased 1.1% from January. Sales are up 4.6 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 February increased 31.6% year-over-year from 171 to 275 active listings. At the current sales pace, all the active inventory on the market would sell in 2.5 months, down from 2.6 in January and up from 1.8 months in February 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 February was $248,500, a decrease of 2.5% from one year ago and a decrease of 2.5% from January. 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 February averaged 32 days on the market, 18 days faster than in February 2023.
Forecast: February sales were 11 units, or 10.7%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 101 sales for the month, while actual sales were 90 units. ACRE forecast a total of 196 residential sales in the area year-to-date, while there were 181 actual sales through April, a difference of 7.8%.
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.
