According to the East Alabama Board of Realtors, August residential sales in the Phenix City area increased 4.8% year-over-year from 126 to 132 closed transactions. Contrary to seasonal trends, sales increased 20.0% from July. Sales are down 5.4% 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 August increased 65.6% year-over-year from 215 to 356 active listings. At the current sales pace, all the active inventory on the market would sell in 2.7 months, down from 3.8 in July and up from 1.7 months in August 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 August was $282,000, an increase of 8.5% from one year ago and an increase of 2.5% from July. 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 August averaged 42 days on the market, 15 days slower than in August 2023.
Forecast: August sales were 12 units, or 8.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 144 sales for the month, while actual sales were 132 units. ACRE forecasts a total of 1,019 residential sales in the area year-to-date, while there were 880 actual sales through August, a difference of 13.7%. Sales are down 5.4% 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.
