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 67 units during January, down 3 percent from the same month a year earlier. 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 dipped by two units in January compared to last January.

Forecast: January sales were two units or 3 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s sales forecast for January projected 65 closed transactions, while the actual sales were 67 units.

Supply: Phenix City area housing inventory in January totaled 567 units, a decrease of 13 percent from January 2016. Inventory levels have reduced 56 percent from the January peak in 2008. The inventory-to-sales ratio in January was 8.5 months of housing supply. Restated, at the January sales pace, it would take 8.5 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during January.

Demand: January sales decreased by 14 percent from the prior month. Historical data indicate January sales on average (2012-16) decrease from December by 13 percent. The average number of days on the market until homes sold was 129 days, down 13 percent from the previous year and down 20 percent from December.

Pricing: The Phenix City median sales price in January was $142,000, a decrease of 8 percent from January 2016 and a decrease of 8 percent from the prior month. This direction is consistent with historical seasonal data (2012-16) that reflect the January median sales price on average decreases from December by 5.7 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: “We expect housing to remain resilient and continue its recovery in 2017, with affordability standing out as the industry’s greatest obstacle, particularly for first-time homeowners,” said Fannie Mae Chief Economist Doug Duncan. “Demographic factors, however, are positive. Our research shows that older millennials have begun to buy homes and close the homeownership attainment gap with their predecessors.”

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