According to the East Alabama Board of Realtors, October residential sales in the Phenix City area decreased 9.2% year-over-year from 109 to 99 closed transactions. Following seasonal trends, sales decreased 15.4% from September. Sales are down 6.1% 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 October increased 42.4% year-over-year from 257 to 366 active listings. At the current sales pace, all the active inventory on the market would sell in 3.7 months, up from 3.2 in September and up from 2.4 months in October 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 October was $244,900, a decrease of 5.8% from one year ago and a decrease of 9.3% from September. 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 October averaged 50 days on the market, 13 days slower than in October 2023.
Forecast: October sales were 25 units, or 20.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 124 sales for the month, while actual sales were 99 units. ACRE forecasts a total of 1,266 residential sales in the area year-to-date, while there were 1,096 actual sales through October, a difference of 13.4%.
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.
