According to the East Alabama Board of Realtors, March residential sales in the Phenix City area decreased 15.4% year-over-year from 117 to 99 closed transactions. Contrary to seasonal trends, sales decreased 10.0% from February. Sales are down 3.5% 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 March increased 33.9% year-over-year from 174 to 233 active listings. At the current sales pace, all the active inventory on the market would sell in 2.4 months, down from 2.5 in February and up from 1.5 months in March 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 March was $240,900, a decrease of 3.6% from one year ago and a decrease of 3.1% 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 49 days on the market, 3 days slower than in March 2023.
Forecast: March sales were 26 units, or 20.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 125 sales for the month, while actual sales were 99 units. ACRE forecast a total of 321 residential sales in the area year-to-date, while there were 280 actual sales through March, a difference of 12.9%.
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.
