Lee County home sales up 46% from last month in March

According to the Lee County Association of Realtors, March residential sales in the Auburn-Opelika area increased 6.5% year-over-year from 185 to 197 closed transactions. Sales increased 45.9% from February. Two more resources to review: Quarterly Report and Annual Report.

For all of the Lee County area’s housing data, click here.

Inventory: March Listings (585) decreased 0.8% from February and increased 23.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.0 months, down from 4.4 months in February and up from 2.6 months in March 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 March was $345,000, an increase of 5.8% from one year ago and a decrease of 2.4% from February. 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 March averaged 70 days on the market (DOM), 1 day faster than March 2023.

Forecast: March sales were 3 units, or 1.6% below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 200 sales for the month, while actual sales were 197 units. ACRE forecasted a total of 473 home sales year-to-date, while there were 442 actual sales through March, a difference of 6.6%.       

New Construction: The 79 new homes sold represent 40.1% of all residential sales in the area in March. Total sales increased 12.9% year-over-year. The median sales price in March was $365,536, a decrease of 2.0% from February and a decrease of 2.3% 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.