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 68 units during September, an increase in sales by 27 percent from the same period a year earlier. Year-to-date home sales through September are up 3 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: September sales were 11 units or 13 percent below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s year-to-date sales forecast through September projected 702 closed transactions, while the actual sales were 763 units, a favorable 8.6 percent difference.

Supply: Phenix City area housing inventory in September totaled 621 units, a decrease of 6 percent from September 2015. Inventory levels have now reduced 41 percent from the September peak in 2007. The inventory-to-sales ratio in September was 9.1 months of housing supply. Restated, at the September sales pace, it would take 9.1 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during September.

Demand: September sales decreased by 21 units from the prior month. Historical data indicate September sales on average (2011-15) decrease from August by 3 percent. Days on market until homes sold was 129 days, up 14 percent from the previous year and down 14.6 percent from August.

Pricing: The Phenix City median sales price in September was $141,050, a decrease of 3 percent from September 2015 and a decrease of 10 percent from the prior month. This direction contrasts with historical seasonal data (2011-15) that reflect the September median sales price on average increases from August by 8 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: “The decline in the HPSI (Home Purchase Sentiment Index) over the past two months from the survey-high in July of 86.5 adds a note of caution to our moderately positive housing outlook,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Downside changes came in particular from the HPSI components ‘mortgage rate direction’ and ‘good time to buy a house.’ In addition, the starter home tight supply and rising home prices as well as the unsettled political environment are likely giving many consumers a reason to pause or question their home purchase sentiment.” For the full report, click here.

Click here to generate more graphs from the Phenix City September 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.