Click here to view or print the entire monthly 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 78 units during December, an increase in sales by 26 percent from the same period a year earlier. Year-to-date sales through December are 4.4 percent higher than they were in December 2014. Two more resources to review: Quarterly Report and Annual Report.

For all of Phenix City’s area home sales data, click here. 

Sales in Phenix City rose 26 percent from the prior year during December.

Forecast: December sales were 15 percent or 10 units below our monthly forecast. Alabama Center for Real Estate’s (ACRE) year-to-date sales forecast through December projected 888 closed transactions while the actual sales were 933 units, a rise of 5 percent.

Supply: Phenix City area housing inventory in December totaled 640 units, an increase of 8 percent from December 2014. In addition, December inventory decreased 3.5 percent from the prior month. This direction contrasts with historical data that indicate December inventory on average (2010-14) increases from the month of November by 0.2 percent. Inventory levels have now reduced 46.8 percent from the December peak in 2007. The inventory-to-sales ratio in December was 8.2 months of housing supply. Restated, at the December sales pace, it would take 8.2 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during December.

Demand: December sales increased by 33 units from the prior month. This direction is consistent with historical data that indicates December sales on average (2010-14) increase from the month of November by 5.6 percent. Days on Market (DOM) until home sold was 136 days, up 19 percent from the previous month but down 17 percent from last year.

Pricing: The Phenix City median sales price in December was $132,750, a decrease of 19 percent from December 2014 and a decrease of 6 percent from the prior  month. This direction (percent change) contrasts with historical seasonal data (2010-14) that reflects December on average increase from the month of November by 10.2 percent. It should be noted that the differing sample size (number 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: “Consumers ended the year on an improved note with regard to their income, job security, and overall economic outlook. This more positive consumer sentiment brought the HPSI up a few points, moving the index up for all of 2015,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Brightening economic prospects, if sustained, should stimulate demand for homeownership. However, continuing upward pressure on rental prices and constrained housing supply, particularly for starter homes, may mean prospective first-time homebuyers could face affordability constraints.” For full report click here.

The average Phenix City home during December sold for $156,707.

On average, homes sold during December in Phenix City were on the market for 136 days.

Inventory was up 8 percent over last year in Phenix City during December.

The median sales price in December in Phenix City dropped significantly year-over-year.

Months of supply is certainly headed in the right direction at 8.2 during December in Phenix City.

Year-to-date home sales in Phenix City during December rose 4.4 percent over 2014.

Phenix City finished out 2015 strong with 78 homes sold during the month of December.

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.