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 172 units during March, an increase of 18 percent or 26 units from the same month in 2016, when sales totaled 146 units. 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.

Lee County home sales climbed 18 percent year-over-year in March compared to 2016.

Forecast: March sales were 15 units or 10 percent above ACRE’s monthly forecast. ACRE’s 2017 sales forecast through March projected 354 closed transactions, while the actual sales were 390 units.

Supply: The Lee County housing inventory in March was 524 units, a decrease of 11 percent from March 2016 and a 64 percent decrease from the March inventory peak in 2011 (1,455 units). March inventory in Lee County increased 11 percent from February. This direction is consistent with historical data indicating that March inventory on average (2012-16) increases from February by 11 percent.

The inventory-to-sales ratio in March was 3 months of housing supply. Restated, at the March sales pace, it would take 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 March. Lee County was one of Alabama’s most balanced markets in March, especially compared to March 2010’s 17.5 months of supply.

Demand: March residential sales increased 51 percent from February. This direction is consistent with seasonal buying patterns and historical data indicating that March sales on average (2012-16) increase by 59 percent from February.

Pricing: The Lee County median sales price during March was $235,000, up 40 percent from March 2016. The March median sales price was up 21 percent compared to the February median sales price. Historical data (2012-16) indicate that the March median sales price on average decreases from the February price by 5 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: “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 Lee County March 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.