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 February, down 19 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 in February rose 1.5 percent over January but dipped from last February.

Forecast: February sales were nine units below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2017 sales forecast through February projected 142 closed transactions, while the actual sales were 135 units.

Supply: Phenix City area housing inventory in February totaled 567 units, a decrease of 13 percent from February 2016. Inventory levels have reduced 56 percent from the February peak in 2008. The inventory-to-sales ratio in February was 8.3 months of housing supply. Restated, at the February sales pace, it would take 8.3 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during February.

Demand: February sales increased by 2 percent from the prior month. Historical data indicate February sales on average (2012-16) increase from January by 0.8 percent. The average number of days on the market until homes sold was 120 days, down 7 percent from the previous year and down 7 percent from January.

Pricing: The Phenix City median sales price in February was $146,000, an increase of 14 percent from February 2016 and an increase of 3 percent from the prior month. This direction contrasts with historical seasonal data (2012-16) that reflect the February median sales price on average decreases from January by 24 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 the housing expansion to continue, albeit at a more moderate pace than last year given continued pressure on affordability,” said Fannie Mae Chief Economist Doug Duncan. “Depressed inventory, particularly in the more affordable segments, will likely constrain sales and push home price gains that outpace income growth. A faster pace of monetary tightening, unless accompanied by a stronger increase in household income, also poses downside risk to housing.”

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