According to the East Alabama Board of Realtors, May residential sales in the Phenix City area decreased 10.9% year-over-year from 138 to 123 closed transactions. Following seasonal trends, sales increased 6.0% from April. Sales are down 7.1% 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 May increased 59.3% year-over-year from 263 to 419 active listings. At the current sales pace, all the active inventory on the market would sell in 3.4 months, up from 3.3 months in April and up from 1.9 months in May 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 May was $319,900, an increase of 23.0% from one year ago and 28.0% from April. 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 May averaged 49 days on the market, 5 days slower than in May 2024.
Forecast: May sales were 11 units, or 8.2%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 134 sales for the month, while actual sales were 123 units. ACRE forecasts a total of 540 residential sales in the area year-to-date, while there were 488 actual sales through May, a difference of 9.7%.
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.
