According to the East Alabama Board of Realtors, February residential sales in the Phenix City area decreased 11.1% year-over-year from 90 to 80 closed transactions. Following seasonal trends, sales decreased 42.9% from January. Sales are down 24.9% year-to-date. Two more resources to review are the Quarterly Report and the Annual Report.
For all of East Alabama’s housing data, click here.
Inventory: Total homes listed for sale in February increased 80.0% year-over-year from 225 to 405 active listings. At the current sales pace, all the active inventory on the market would sell in 5.1 months, down from 7.5 in January and up from 2.5 months in February 2024. 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 February was $262,450, an increase of 5.6% from one year ago and up 3.9% from January. 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 February averaged 57 days on the market, 25 days slower than in February 2024.
Forecast: February sales were 8 units, or 9.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 88 sales for the month, while actual sales were 80 units. ACRE forecasts a total of 174 residential sales in the area year-to-date, while there were 136 actual sales through February, a difference of 22.0%.
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.
