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

Sales: According to the Lee County Association of Realtors Multiple Listing Service, Lee County area residential sales totaled 137 units during September, an increase in sales of 10 percent or 12 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.

Lee County home sales in September rose 10 percent over the previous September.

Forecast: September sales were 23 units or 20 percent above ACRE’s monthly forecast. ACRE’s year-to-date sales forecast through September projected 1,294 closed transactions, while the actual sales were 1,479 units, a favorable difference of 14 percent.

Supply: The Lee County housing inventory in September was 506 units, a decrease of 22 percent from September 2015 and a 61 percent decrease from the September inventory peak in 2010 (1,315 units). September inventory in Lee County increased 9.3 percent from August. This direction contrasts with historical data indicating that September inventory on average (2011-15) decreases from August by 8.5 percent.

The inventory-to-sales ratio in September was 3.7 months of housing supply. Restated, at the September sales pace, it would take 3.7 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during September. Lee County was one of Alabama’s most balanced markets in September, especially compared to September 2010’s 17.8 months of supply.

Demand: September residential sales decreased 23.5 percent from August. This direction is consistent with seasonal buying patterns and historical data indicating that September sales on average (2011-15) decrease by 16 percent from August.

Pricing: The Lee County median sales price during September was $230,000, up 7 percent from last September. The September median sales price increased 6.7 percent compared to the August median sales price. This direction is consistent with historical data (2011-15) indicating that the September median sales price on average increases from the August price by 11 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: “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 Lee County September Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply. 

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