According to the East Alabama Board of Realtors, September residential sales in the Phenix City area decreased 8.6% year-over-year from 128 to 117 closed transactions. Contrary to seasonal trends, sales decreased 11.4% from August. Sales are down 5.8% 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 September increased 76.7% year-over-year from 210 to 371 active listings. At the current sales pace, all the active inventory on the market would sell in 3.2 months, up from 2.7 in August and up from 1.6 months in September 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 September was $270,000, an increase of 3.6% from one year ago and a decrease of 4.3% from August. 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 September averaged 49 days on the market, 23 days slower than in September 2023.
Forecast: September sales were 6 units, or 4.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 123 sales for the month, while actual sales were 117 units. ACRE forecasts a total of 1,142 residential sales in the area year-to-date, while there were 997 actual sales through September, a difference of 12.7%.
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.
