According to the Lee County Association of Realtors, June residential sales in the Auburn-Opelika area decreased 1.3% year-over-year from 226 to 223 closed transactions. Sales increased 7.2% from May. Two more resources to review: Quarterly Report and Annual Report.
For all of the Lee County area’s housing data, click here.
Inventory: June Listings (665) increased 8.0% from May and increased 16.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.0 months, constant from 3.0 months in May and up from 2.5 months in June 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 June was $391,099, an increase of 7.1% from one year ago and an increase of 15.3% from May. 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 June averaged 45 days on the market (DOM), 2 days faster than June 2023.
Forecast: June sales were 20 units, or 8.3% below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 243 sales for the month, while actual sales were 223 units. ACRE forecasted a total of 1,152 home sales year-to-date, while there were 1,080 actual sales through June, a difference of 6.2%.
New Construction: The 84 new homes sold represent 40.6% of all residential sales in the area in June. Total sales increased 12.0% year-over-year. The median sales price in June was $426,262, an increase of 12.2% from May and an increase of 5.0% 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.
