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 89 units during August, an increase in sales by 13 percent from the same period a year earlier. Year-to-date home sales through August are up 7.4 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. 

Phenix City home sales through August rose 7.4 percent over the same period a year ago.

Forecast: August sales were two units or 2 percent below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s year-to-date sales forecast through August projected 623 closed transactions, while the actual sales were 695 units, a favorable 11 percent difference.

Supply: Phenix City area housing inventory in August totaled 630 units, a decrease of 2.5 percent from August 2015. Inventory levels have now reduced 40 percent from the August peak in 2007. The inventory-to-sales ratio in August was 7.1 months of housing supply. Restated, at the August sales pace, it would take 7.1 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during August.

Demand: August sales decreased by 10 units from the prior month. Historical data indicate August sales on average (2011-15) decrease from July by 0.8 percent. Days on market until homes sold was 151 days, up 33.6 percent from the previous year and up 10.2 percent from July.

Pricing: The Phenix City median sales price in August was $157,000, an increase of 14 percent from August 2015 and an increase of 7 percent from the prior month. This direction contrasts with historical seasonal data (2011-15) that reflect the August median sales price on average decreases from July by 7 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: “Consumers have a fairly optimistic 12-month outlook on housing at the end of the summer home-buying season, supported by increased job confidence and more favorable expectations regarding their personal financial situations compared with this time last year,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “The return to a slight upward trend in the HPSI (Home Purchase Sentiment Index) during the spring and summer is, thus far, in line with our forecast, which calls for 4 percent growth in home sales in 2016 to the best level since 2006 and continued improvement for 2017.” For the full report, click here.

Click here to generate more graphs from the Phenix City August Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply. 

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