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 79 units during October, an increase in sales by 13 percent from the same period a year earlier. Year-to-date home sales through October are up 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 rose 13 percent during October compared to last year.

Forecast: October sales were seven units or 10 percent below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s year-to-date sales forecast through October projected 774 closed transactions, while the actual sales were 842 units, a favorable 8.7 percent difference.

Supply: Phenix City area housing inventory in October totaled 590 units, a decrease of 14 percent from October 2015. Inventory levels have now reduced 51 percent from the October peak in 2007. The inventory-to-sales ratio in October was 7.5 months of housing supply. Restated, at the October sales pace, it would take 7.5 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during October.

Demand: October sales increased by 16 percent from the prior month. Historical data indicate October sales on average (2011-15) decrease from September by 17.7 percent. The average number of days on the market until homes sold was 132 days, up 16 percent from the previous year and up 2.2 percent from September.

Pricing: The Phenix City median sales price in October was $150,000, an increase of 8.3 percent from October 2015 and an increase of 6.3 percent from the prior month. This direction contrasts with historical seasonal data (2011-15) that reflect the October median sales price on average decreases from September by 1.7 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: “Since July, more consumers, on net, have steadily expected mortgage rates to rise and home price appreciation to moderate,” said Doug Duncan of Fannie Mae. “Furthermore, consumers’ perception of their income over the past year deteriorated sharply in October to the worst showing since early 2013, weighing on the index. However, this component of the HPSI (home purchase sentiment index) is volatile from month to month, and the firming trend in wage gains from the October jobs report, if sustained, may foreshadow an improving view in the near future.”

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