Click here to view or print the entire October report compliments of the ACRE Corporate Cabinet.

Sales: According to the Phenix City Board of Realtors Multiple Listing Service, Phenix City area residential sales totaled 70 units during October, an increase in sales of 14.8 percent from the same period a year earlier. Year-to-date sales through October are 5.7 percent higher than they were in October 2014. Two more resources to review: Quarterly Report and Annual Report

Forecast: October sales were 1 percent or one unit below our monthly forecast. Alabama Center for Real Estate’s (ACRE) year-to-date sales forecast through October projected 757 closed transactions while the actual sales were 810 units, a rise of 7 percent.

Sales in Phenix City were 34 percent above the October trough of 52 established in 2008.

Supply: Phenix City area housing inventory in October totaled 685 units, an increase of 7 percent from October 2014. In addition, October inventory increased 3.6 percent from the prior month. This direction contrasts with historical data that indicate October inventory on average (2010-14) decreases from the month of September by 2.2 percent. Inventory levels have now reduced 42.9 percent from the October peak in 2007. The inventory-to-sales ratio in October was 9.8 months of housing supply. Restated, at the October sales pace, it would take 9.8 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6.0 months during October .

Demand: October sales decreased 24.7 percent from the prior month. This direction is consistent with historical data that indicates October sales on average (2010-14) decrease from the month of September by 22 percent. Days on Market (DOM) until home sold was 114 days, virtually unchanged from the previous month but down 15.6 percent from last year.

Pricing: The Phenix City median sales price in October was $138,566, a decrease of 1 percent from October 2014 and an decrease of 4.4 percent from last month. This direction (% change) is consistent with historical seasonal data (2010-14) that reflects October on average decrease from the month of September by 4.9 percent. It should be noted that the differing sample size (# of residential sales of comparative months) can contribute to statistical volatility including pricing. The Center highly recommends consulting with a real estate professional to discuss prices as it can and will vary from neighborhood to neighborhood.

Industry Perspective: “Despite recent headwinds, which likely will slow economic growth compared to the first half of 2015, we see positive trends for consumer spending and housing heading into the fourth quarter,” said Fannie Mae Chief Economist Doug Duncan. “Strong home price gains should help drive an increase in household net worth again in the third quarter, and, combined with low gasoline prices and mortgage rates, should support strong consumer spending throughout the rest of the year.” To read the full report, click here. 

The average sales price in Phenix City during October was virtually unchanged at $149,426 in 2015.

Phenix City homes on average are spending fewer days on the market, dropping from 135 last October to 114 in 2015.

Inventory rose slightly to 685 during October but is still well below the 2007 peak of 1,200 units.

The median sales price held steady compared to last October at $138,566.

The months of supply has bee steady during October, hovering around 10.0 for the past four years. The market equilibrium is 6.0.

Year-to-date sales are nearly 6 percent higher in 2015 than the same period last year.

Total sales climbed 15 percent in Phenix City during October compared to 2014.

Bryan Davis is the research/media Coordinator for the Alabama Center for Real Estate housed within the Culverhouse College of Commerce at the University of Alabama. He can be reached at 205-348-5416 or at bkdavis@culverhouse.ua.edu. The Phenix City Residential Monthly Report is work product developed in conjunction with the Phenix City Board of Realtors to better serve Phenix City area consumers. The ACRE monthly report is provided to illustrate the “general” market direction & trends when comparing prior periods with the most current residential data available. Real estate is local and statistics will fluctuate between areas within a city including subdivisions. ACRE recommends that you consult a local real estate professional for “specific” advice associated with your market.