Phenix City median home sales price increases 11 percent from a year ago

The median home sales price for Phenix City during June was $158,500. (iStock)
Sales: According to the Phenix City Board of Realtors Multiple Listing Service, Phenix City area residential sales totaled 105 units during June, down 2.8 percent from 108 sales in the same month a year earlier. Similarly, June sales were down 1.9 percent compared to 107 sales in May. Results were 14.6 percent above the five-year June average of 92 sales. Two more resources to review: Quarterly Report and the Annual Report.
For all Phenix City area home sales data, click here.
Inventory: Total homes listed for sale in Phenix City during June were 470 units, a decrease of 13.4 percent from June 2017’s 543 units and a decrease of 1.1 percent from May 2018’s 475 units. Phenix City also experienced a decline in months of supply in June. June months of supply totaled 4.5 months, a decrease of 11 percent from June 2017’s 5 months of supply. However, June’s months of supply increased slightly from May’s 4.4 months of supply.
Pricing: The Phenix City median sales price in June was $158,500, an increase of 10.9 percent from one year ago and an increase of .3 percent from the prior month. This direction is consistent with historical data (2013-17) indicating that the June median sales price on average increases from May by .9 percent. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood. The average number of days on the market (DOM) for homes sold during June was 97 days, a decrease of 10.2 percent from 108 days in June 2017, but an increase of 1 percent from 96 days in May.
Forecast: June sales were 11 units, or 9.5 percent, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 116 sales for the month, while actual sales were 105 units. ACRE forecasts a total of 603 residential sales in the Phenix City area year to date, while there were 543 actual sales through June.
ACRE’s statewide perspective: Alabama and the United States are getting ready for the summer months of real estate. Coming into summer, the spring home-buying season had been significantly affected by very low inventory levels. May residential listings decreased more than 7 percent in the state and decreased 6.1 percent nationwide from one year ago. Residential sales in Alabama, however, increased 8 percent from one year ago, which is impressive considering the 7.3 percent drop in inventory. Home price appreciation heated up with the temperatures as the statewide median sales price increased 10.7 percent from one year ago, while also increasing 7 percent during the first quarter of the year. Home sales prices are expected to continue their upward climb throughout the summer as inventory levels are likely to repeat the declines that were seen during the spring.
NAR’s national perspective: Lawrence Yun, National Association of Realtors chief economist, says a solid economy and job market should be generating a much stronger sales pace than what has been seen so far this year. “Closings were down in a majority of the country last month and declined on an annual basis in each major region,” he said. “Incredibly low supply continues to be the primary impediment to more sales, but there’s no question the combination of higher prices and mortgage rates are pinching the budgets of prospective buyers, and ultimately keeping some from reaching the market.”
Click here to view the entire monthly report.
The Phenix City Residential Monthly Report is developed in conjunction with the Phenix City Board of Realtors.