Lee County home sales through November up 10 percent over last year

The Lee County median home sales price during November was up 32 percent from last November. (iStock)
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 121 units during November, an increase of 36 percent or 32 units above the same period last year. Year-to-date sales increased 10 percent from the same period in 2015. 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.

Home sales in Lee County during November were up 32 units over the same month during 2015.
Forecast: November sales were 31 units or 34 percent above ACRE’s monthly forecast. ACRE’s year-to-date sales forecast through November projected 1,489 closed transactions, while the actual sales were 1,699 units, a favorable difference of 14 percent.
Supply: The Lee County housing inventory in November was 436 units, a decrease of 25 percent from November 2015 and a 67 percent decrease from the November inventory peak in 2010 (1,347 units). November inventory in Lee County decreased 5 percent from October. This direction is consistent with historical data indicating that November inventory on average (2011-15) decreases from October by 7.2 percent.
The inventory-to-sales ratio in November was 3.6 months of housing supply. Restated, at the November sales pace, it would take 3.6 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during November. Lee County was one of Alabama’s most balanced markets in November, especially compared to November 2008’s 25.6 months of supply.
Demand: November residential sales increased 22 percent from October. This direction is consistent with seasonal buying patterns and historical data indicating that November sales on average (2011-15) increase by 14 percent from October.
Pricing: The Lee County median sales price during November was $225,000, up 32 percent from last November. The November median sales price was unchanged compared to the October median sales price. Historical data (2011-15) indicate that the November median sales price on average decreases from the October price by 1.7 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 HPSI (home purchase sentiment index) fell in October for the third straight month from its record high in July, reaching the lowest level since March. Recent erosion in sentiment likely reflects, in part, enhanced uncertainty facing consumers today,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Since July, more consumers, on net, have steadily expected mortgage rates to rise and home price appreciation to moderate. 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 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 Lee County November 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.