According to the East Alabama Board of Realtors, March residential sales in the Phenix City area increased 14.1% year-over-year from 99 to 113 closed transactions. Following seasonal trends, sales increased 41.3% from February. Sales are down 11.1% 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 March increased 67.8% year-over-year from 233 to 391 active listings. At the current sales pace, all the active inventory on the market would sell in 3.5 months, down from 5.1 in February and up from 2.4 months in March 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 March was $274,900, an increase of 14.1% from one year ago and up 4.7% from February. 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 March averaged 46 days on the market, 3 days faster than in March 2024.
Forecast: March sales were 1 unit, or 1.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 112 sales for the month, while actual sales were 113 units. ACRE forecasts a total of 286 residential sales in the area year-to-date, while there were 249 actual sales through March, a difference of 12.9%.
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.
