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

Sales: According the Lee County Association of Realtors Multiple Listing Service, Lee County area residential sales totaled 158 units during April, an increase in sales of 12.9 percent or 18 units above the same period last year. Two more resources to review: Quarterly Report and Annual Report.

Click here for all of the Alabama Center for Real Estate’s Lee County residential data.

Forecast: April sales were 16 units or 11 percent above ACRE’s monthly forecast. ACRE’s year-to-date sales forecast through April projected 454 closed transactions, while the actual sales were 518 units, a favorable rise of 14 percent.

Lee County year-to-date home sales through April rose 13 percent over the same period a year ago.

Supply: The Lee County housing inventory in April was 526 units, a decrease of 33 percent from April 2015 and a 63.9 percent decrease from the month of April inventory peak in 2011 (1,456 units). April inventory in Lee County decreased 10.4 percent from March. This direction contrasts with historical data indicating that April inventory on average (2011-15) increases from March by 10 percent.

The inventory-to-sales ratio in April was 3.3 months of housing supply. Restated, at the April sales pace, it would take 3.3 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. Lee County was one of Alabama’s most balanced markets during April, especially compared to April 2010’s 16.9 months of supply.

Demand: April residential sales increased 8.2 percent from March. This direction is consistent with seasonal buying patterns and historical data indicating that April sales on average (2011-15) increase by 0.1 percent from March. Existing single-family home sales account for 55 percent of total sales (down from 56 percent in April 2015), while 21 percent were new home sales (up from 20 percent during April 2015) and 23 percent were condo buyers (up from 21 percent).

Pricing: The Lee County median sales price during April was $184,050, up 26.5 percent from last April. The April median sales price increased 9.3 percent compared to the March median sales price. This direction is consistent with historical data (2011-15) indicating that the April median sales price on average increases from the March price by 1.1 percent. Pricing can fluctuate from month to month as the sample size of data (closed transactions) is subject to seasonal buying patterns. ACRE recommends contacting a local real estate professional to discuss the latest pricing trends.

Industry perspective: “We can partially attribute the sizable gain in April in home-selling optimism both to a correction for last month’s unexpected dip and to typical seasonal strength in housing activity in the spring and summer,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Even after accounting for these factors, continued tight housing supply has led to renewed strength in home price appreciation, making selling a home a more attractive prospect this year in particular. This improved sentiment could provide an extra boost of much-needed supply for the spring selling season.” For the entire report, click here.

The average sales price for homes sold during April in Lee County was $218,376.

On average, homes sold in Lee County during April spent 141 days on the market.

There were 526 homes listed for sale in Lee County during April.

The median sales price for homes sold in Lee County during April was $184,050.

There were 3.3 months of supply on the market in Lee County during April.

Home sales in Lee County during April rose 8.2 percent from March.

There were 158 units sold in Lee County during April.

The Lee County Residential Monthly Report is developed in conjunction with the Lee County Association of Realtors to better serve Opelika/Auburn consumers.