Sales: According to the Phenix City Board of Realtors Multiple Listing Service, Phenix City area residential sales totaled 99 units during March, up 17 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.
Forecast: March sales were one unit below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2017 sales forecast through March projected 242 closed transactions, while the actual sales were 234 units.
Supply: Phenix City area housing inventory in March totaled 542 units, a decrease of 17 percent from March 2016. Inventory levels have reduced 56 percent from the March peak in 2008. The inventory-to-sales ratio in March was 5.5 months of housing supply. Restated, at the March sales pace, it would take 5.5 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during March.
Demand: March sales increased by 45 percent from the prior month. Historical data indicate March sales on average (2012-16) increase from February by 33.8 percent. The average number of days on the market until homes sold was 124 days, down 7 percent from the previous year but up 3 percent from February.
Pricing: The Phenix City median sales price in March was $131,500, a decrease of 10 percent from March 2016 and a decrease of 10 percent from the prior month. This direction contrasts with historical seasonal data (2012-16) that reflect the March median sales price on average increases from February 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: “Our economic forecast remains in a conservative holding pattern as we await word on the particulars of the new Administration’s plans for fiscal stimulus,” said Fannie Mae Chief Economist Doug Duncan. “In the meantime, economic sentiment from most industry stakeholders continues to reach new heights: consumers, as demonstrated by our National Housing Survey, are more positive than at any time since the survey’s inception in 2010 about the direction of the economy, while homebuilders’ optimism remains near an 11-year high. Tight inventory remains a boon to home prices and Americans’ net worth, but it also continues to price out many would-be first-time homebuyers. However, our research suggests that aging millennials, now boasting higher real wages, are beginning to narrow the homeownership attainment gap.”
Click here to generate more graphs from the Phenix City March Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.