East Alabama home sales up 7% year-over-year in May

According to the East Alabama Board of Realtors, May residential sales in the Phenix City area increased 7.8% year-over-year from 128 to 138 closed transactions. Following seasonal trends, sales increased 5.6% from April. Sales are down 0.9% 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 May increased 26.4% year-over-year from 208 to 263 active listings. At the current sales pace, all the active inventory on the market would sell in 1.9 months, down from 2.2 in April and up from 1.6 months in May 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 May was $260,000, an increase of 5.9% from one year ago and an increase of 4.0% from April. 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 May averaged 44 days on the market, 13 days slower than in May 2023.

Forecast: May sales were 1 unit, or 0.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 139 sales for the month, while actual sales were 138 units. ACRE forecast a total of 586 residential sales in the area year-to-date, while there were 525 actual sales through May, a difference of 10.4%. Sales are down 0.9% 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.