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 108 units during June, up 25 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: June sales were three units above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2017 sales forecast through June projected 542 closed transactions, while the actual sales were 559 units.

Supply: Phenix City area housing inventory in June totaled 543 units, a decrease of 17 percent from June 2016. Inventory levels have reduced 57 percent from the June peak in 2008. The inventory-to-sales ratio in June was 5 months of housing supply. Restated, at the June sales pace, it would take 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 June.

Demand: June sales decreased by 21 percent from the prior month. Historical data indicate June sales on average (2012-16) increase from May by 3.9 percent. The average number of days on the market until homes sold was 108 days, down 30 percent from the previous year and 17 percent from May.

Pricing: The Phenix City median sales price in June was $142,950, a decrease of 6.8 percent from June 2016 and an increase of 0.3 percent from the prior month. This direction is consistent with historical seasonal data (2012-16) that reflect the June median sales price on average increases from May by 4.1 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: “While second-quarter growth is poised to rebound, we expect growth to moderate through the remainder of 2017. Consumer spending, traditionally the largest contributor to economic growth, is sluggish and is lagging positive consumer sentiment and solid hiring,” said Fannie Mae Chief Economist Doug Duncan. “While labor market slack continues to diminish, wage growth is not accelerating and inflation has moved further below the Fed’s target. These conditions support our call that the Fed will continue gradual monetary policy normalization, announce its balance sheet tapering policy in September, and wait until December for additional data, especially on inflation, before raising the fed funds rate for the third time this year.”

Click here to download graphs from the Phenix City June 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.