According to the Lee County Association of Realtors, May residential sales in the Auburn-Opelika area decreased 12.2% year-over-year from 237 to 208 closed transactions. Sales increased 0.5% from April. Two more resources to review: Quarterly Report and Annual Report.
For all of the Lee County area’s housing data, click here.
Inventory: May Listings (616) increased 3.0% from April and increased 17.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.0 months, up from 2.9 months in April and up from 2.2 months in May 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 May was $339,200, a decrease of 12.2% from one year ago and a decrease of 10.0% 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 58 days on the market (DOM), 11 days slower than May 2023.
Forecast: May sales were 44 units, or 17.3% below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 252 sales for the month, while actual sales were 208 units. ACRE forecasted a total of 909 home sales year-to-date, while there were 857 actual sales through May, a difference of 5.7%.
New Construction: The 74 new homes sold represent 35.6% of all residential sales in the area in May. Total sales increased 10.4% year-over-year. The median sales price in May was $379,900, a decrease of 6.5% from April and consistent 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.
