According to the Lee County Association of Realtors, February residential sales in the Auburn-Opelika area decreased 4.3% year-over-year from 141 to 135 closed transactions. Sales increased 22.7% from January. Two more resources to review: Quarterly Report and Annual Report.
For all of the Lee County area’s housing data, click here.
Inventory: February Listings (590) increased 3.0% from January and increased 29.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.4 months, down from 5.2 months in January and up from 3.2 months in February 2023. 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 February was $353,625, an increase of 1.8 from one year ago and an increase of 1.0% 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 68 days on the market (DOM), 7 days faster than February 2023.
Forecast: February sales were 11 units, or 7.5% below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 146 sales for the month, while actual sales were 135 units. ACRE forecasted a total of 273 home sales year-to-date, while there were 245 actual sales through February, a difference of 10.3%.
New Construction: The 63 new homes sold represent 46.7% of all residential sales in the area in February. Total sales increased 1.6% year-over-year. The median sales price in February was $372,900, a decrease of 2.4% from January and a decrease of 7.3% 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.
