Sales: According to the Phenix City Board of Realtors Multiple Listing Service, Phenix City area residential sales totaled 79 units during April, down 2.5 percent from the same month a year earlier. Two more resources to review: Quarterly Report and Annual Report.
For all of Phenix City’s area home sales data, click here.
Forecast: April sales were 16 units below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2017 sales forecast through April projected 337 closed transactions, while the actual sales were 313 units.
Supply: Phenix City area housing inventory in April totaled 525 units, a decrease of 21 percent from April 2016. Inventory levels have reduced 56 percent from the April peak in 2008. The inventory-to-sales ratio in April was 6.6 months of housing supply. Restated, at the April sales pace, it would take 6.6 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during April.
Demand: April sales decreased by 20 percent from the prior month. Historical data indicate April sales on average (2012-16) decrease from March by 6 percent. The average number of days on the market until homes sold was 122 days, down 3.2 percent from the previous year and 1.6 percent from March.
Pricing: The Phenix City median sales price in April was $125,050, a decrease of 9 percent from April 2016 and a decrease of 5 percent from the prior month. This direction is consistent with historical seasonal data (2012-16) that reflect the April median sales price on average decreases from March by 2.5 percent. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Industry perspective: “The Home Purchase Sentiment Index returned to its longer-term trend line after reclaiming ground lost last month. This is aligned with our market forecast of about 3 percent sales growth in 2017,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Historically strong inflation-adjusted house price gains are tempering consumer sentiment, whereas consumer optimism regarding the ease of getting a mortgage reached a survey high. On balance, housing continues on a gradual growth track.”
Click here to generate more graphs from the Phenix City April Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.