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 69 units during January, an increase in sales by 13 percent from the same period 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. 

Sales during January in Phenix City rose 13 percent over last January.

Forecast: January sales were 27 percent or 15 units above our monthly forecast. Alabama Center for Real Estate’s (ACRE) year-to-date sales forecast through January projected 54 closed transactions while the actual sales were 69 units.

Supply: Phenix City area housing inventory in January totaled 655 units, an increase of 8 percent from January 2015. In addition, January inventory increased 2.3 percent from the prior month. This direction contrasts with historical data that indicate January inventory on average (2011-15) decreases from the month of December by 1 percent. Inventory levels have now reduced 49 percent from the January peak in 2008. The inventory-to-sales ratio in January was 9.5 months of housing supply. Restated, at the January sales pace, it would take 9.5 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during January.

Demand: January sales decreased by nine units from the prior month. This direction is consistent with historical data that indicates January sales on average (2011-15) decrease from the month of December by 23 percent. Days on Market (DOM) until home sold was 149 days, up 10 percent from the previous month and up 13 percent from last year.

Pricing: The Phenix City median sales price in January was $154,900, an increase of 9 percent from January 2015 and an increase of 17 percent from the prior month. This direction (percent change) contrasts with historical seasonal data (2011-’15) that reflects January on average decrease from the month of December by 9.4 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: “Housing affordability is being constrained because the pace of growth in real income has not kept up with gains in real home prices as demand has grown faster than supply,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “On the bright side, consumers have been increasingly positive about their ability to get a mortgage, suggesting that credit tightness is not the main issue limiting housing market activity today, a feeling that we also see conveyed by lenders in our Mortgage Lender Sentiment Survey^®. We expect further progress in the HPSI to be limited until income growth picks up or supply, particularly in lower-priced homes, expands more rapidly.” For the full report, click here.

The average home in Phenix City sold during January went for $172,694.

On average, homes sold in Phenix City during January spent 149 days on the market.

Inventory in Phenix City rose slightly to 655 units during January.

The media sales price in Phenix City for January rose to $154,000.

There was 9.3 months of supply on the market during January.

Sales in Phenix City during January were 32.7 percent higher than the all-time low of 52 in 2013.

Sales fell 11.5 percent in Phenix City during January compared to December.

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.