According to the East Alabama Board of Realtors, July residential sales in the Phenix City area decreased 14.7% year-over-year from 129 to 110 closed transactions. Contrary to seasonal trends, sales decreased 2.7% from June. Sales are down 7.0% 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 July increased 57.5% year-over-year from 193 to 304 active listings. At the current sales pace, all the active inventory on the market would sell in 2.8 months, down from 3.8 in June and up from 1.5 months in July 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 July was $275,000, an increase of 4.9% from one year ago and an increase of 10.0% from June. 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 July averaged 37 days on the market, 6 days slower than in July 2023.
Forecast: July sales were 37 units, or 25.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 147 sales for the month, while actual sales were 110 units. ACRE forecasts a total of 875 residential sales in the area year-to-date, while there were 748 actual sales through July, a difference of 14.5%. Sales are down 7.0% 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.
