According to the East Alabama Board of Realtors, June residential sales in the Phenix City area decreased 22.1% year-over-year from 145 to 113 closed transactions. Following seasonal trends, sales decreased 18.1% from May. Sales are down 5.5% 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 June increased 27.3% year-over-year from 341 to 434 active listings. At the current sales pace, all the active inventory on the market would sell in 3.8 months, up from 1.9 in May and up from 2.4 months in June 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 June was $250,000, a decrease of 5.7% from one year ago and a decrease of 3.8% from May. 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 June averaged 37 days on the market, 5 days slower than in June 2023.
Forecast: June sales were 29 units, or 20.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 142 sales for the month, while actual sales were 113 units. ACRE forecasts a total of 728 residential sales in the area year-to-date, while there were 638 actual sales through June, a difference of 12.4%. Sales are down 5.5% year-to-date.
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.
