According to the East Alabama Board of Realtors, November residential sales in the Phenix City area increased 13.0% year-over-year from 92 to 104 closed transactions. Following seasonal trends, sales increased 5.1% from October. Sales are down 4.7% 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 November increased 21.0% year-over-year from 252 to 305 active listings. At the current sales pace, all the active inventory on the market would sell in 2.9 months, down from 3.7 in October and up from 2.7 months in November 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 November was $265,000, an increase of 5.0% from one year ago and an increase of 8.2% from October. 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 November averaged 46 days on the market, 2 days slower than in November 2023.
Forecast: November sales were 18 units, or 14.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 122 sales for the month, while actual sales were 104 units. ACRE forecasts a total of 1,388 residential sales in the area year-to-date, while there were 1,200 actual sales through November, a difference of 13.5%.
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.