According to the Lee County Association of Realtors, August residential sales in the Auburn-Opelika area decreased 0.9% year-over-year from 213 to 211 closed transactions. Sales decreased 10.6% from July. Two more resources to review: Quarterly Report and Annual Report.
For all of the Lee County area’s housing data, click here.
Inventory: August Listings (706) increased 1.9% from July and increased 24.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.3 months, up from 2.9 months in July and up from 2.7 months in August 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply.
Pricing: The area’s median sales price in August was $367,000, an increase of 4.0% from one year ago and a decrease of 2.5% from July. 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 August averaged 54 days on the market (DOM), 12 days slower than August 2023.
Forecast: August sales were 5 units, or 2.5% above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 206 sales for the month, while actual sales were 211 units. ACRE forecasted a total of 1,577 home sales year-to-date, while there were 1,527 actual sales through August, a difference of 3.2%.
New Construction: The 87 new homes sold represent 41.2% of all residential sales in the area in August. Total sales increased 14.5% year-over-year. The median sales price in August was $393,380, an increase of 4.4% from July and an increase of 11.4% from one year ago.
Click here to view the entire monthly report.
The Lee County Residential Monthly Report is developed in conjunction with the Lee County Association of Realtors to better serve area consumers.
