Phenix City year-to-date home sales through April rise 2 percent over last year
So far this year, more homes have been sold in the Phenix City area than were sold during the same period last year. (iStock)
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 81 units during April, a decrease in sales by 8 percent from the same period a year earlier. Year-to-date home sales through April are up 2 percent over the same period during 2015. Two more resources to review: Quarterly Report and Annual Report.
For all of Phenix City’s area home sales data, click here.
Forecast: April sales were one unit or 1.2 percent below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s year-to-date sales forecast through April projected 283 closed transactions, while the actual sales were 319 units, a favorable 12 percent difference.
Phenix City year-to-date home sales increased in April by 1.9 percent compared to the same period a year ago.
Supply: Phenix City area housing inventory in April totaled 665 units, an increase of 8.1 percent from April 2015. In addition, April inventory increased 1.8 percent from March. This direction contrasts with historical data that indicate April inventory on average (2011-15) decreases from March by 2.1 percent. Inventory levels have now reduced 30.4 percent from the April peak in 2010. The inventory-to-sales ratio in April was 8.2 months of housing supply. Restated, at the April 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 April.
Demand: April sales decreased by seven units from the prior month. Historical data indicate April sales on average (2011-15) decrease from March by 1 percent. Days on market until homes sold was 126 days, down 18.2 percent from the previous year and 5.3 percent from March.
Pricing: The Phenix City median sales price in April was $137,000, a decrease of 2 percent from April 2015 and a decrease of 5.7 percent from the prior month. This direction is consistent with historical seasonal data (2011-15) that reflect the April median sales price on average decreases from March by 5.6 percent. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
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 Phenix City Residential Monthly Report is developed in conjunction with the Phenix City Board of Realtors to better serve Phenix City area consumers.
