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 85 units during March, a decrease in sales by 11.5 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. 

Forecast: March sales of 85 units was right on the mark with the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s year-to-date sales forecast through March projected 203 closed transactions while the actual sales were 238 units, a favorable 17 percent difference.

Year-to-date home sales in Phenix City during March rose 5.8 percent over last year.

Supply: Phenix City area housing inventory in March totaled 653 units, an increase of 7.6 percent from March 2015. In addition, March inventory increased 0.2 percent from February. This direction is consistent with historical data that indicate March inventory on average (2011-15) increases from February by 0.3 percent. Inventory levels have now reduced 47 percent from the March peak in 2008. The inventory-to-sales ratio in March was 7.7 months of housing supply. Restated, at the March sales pace, it would take 7.7 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during March.

Demand: March sales increased by one unit from the prior month. Historical data indicate March sales on average (2011-15) increase from February by 45 percent. Days on market (DOM) until homes sold was 133 days, down 7.6 percent from the previous year and up 3.1 percent from February.

Pricing: The Phenix City median sales price in March was $145,250, an increase of 9.2 percent from March 2015 and an increase of 14 percent from the prior month. This direction (percent change) is consistent with historical seasonal data (2011-15) that reflect the March median sales price on average increases from February by 23 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 recommends consulting with a real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.

Industry perspective: “Growing pessimism over the last three months about the direction of the economy seems to be spilling over into home purchase sentiment,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “The gap between the share of consumers who think the economy is on the wrong track and the share who think it is on the right track has widened, nearly matching its reading last August, when concerns regarding China and oil prices led to the biggest stock market plunge in years. In turn, we saw dips this month in income growth perceptions, attitudes about the home-selling climate, and job confidence, all of which contributed to the lowest HPSI (Home Purchase Sentiment Index) reading in the last year and a half. These declines seem to be at odds with recent news of solid overall job creation, but may reflect weakening economic performance in certain industries.” For the full report, click here. 

There were 653 units listed for sale in Phenix City during March.

There were 85 units sold in Phenix City during March.

The median sales price for homes sold in Phenix City for March was $145,250.

There were 7.7 months of supply in Phenix City during March.

The average sales price for homes sold in Phenix City during March was $145,925.

Home sales were slightly below the 89-unit March average for 2011-15 in Phenix City.

On average, homes sold in Phenix City during March spent 133 days on the market.

The Phenix City Residential Monthly Report is developed in conjunction with the Phenix City Board of Realtors to better serve Phenix City area consumers.