According to the East Alabama Board of Realtors, April residential sales in the Phenix City area decreased 4.5% year-over-year from 112 to 107 closed transactions. Following seasonal trends, sales increased 8.1% from March. Sales are down 3.7% 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 April increased 30.4% year-over-year from 184 to 240 active listings. At the current sales pace, all the active inventory on the market would sell in 2.2 months, down from 2.4 in March and up from 1.6 months in April 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 April was $250,000, a decrease of 1.0% from one year ago and an increase of 3.8% from March. 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 April averaged 40 days on the market, 5 days slower than in April 2023.
Forecast: April sales were 19 units, or 14.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 126 sales for the month, while actual sales were 107 units. ACRE forecast a total of 447 residential sales in the area year-to-date, while there were 387 actual sales through April, a difference of 13.2%. Sales are down 3.7% year-to-date.
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.
