Lee County homes selling faster than one year ago

Lee County homes selling faster than one year ago
The Lee County median sales price in August was $243,222, an increase of 5 percent from one year ago. (iStock)

Sales: According to the Lee County Association of Realtors Multiple Listing Service, Lee County home sales totaled 192 units during August, up 6.7 percent from 180 sales in the same month a year earlier. Similarly, August sales were up 3.8 percent compared to 185 sales in July. Results were 24.7 percent above the five-year August average of 154 sales. Two more resources to review: Quarterly Report and Annual Report

For all Lee County housing data, click here.

Inventory: Homes listed for sale in the Lee County area during August totaled 571 units, an increase of 7.1 percent from August 2017’s 533 units, and a decrease of 2.7 percent from July 2018’s 587 units. August months of supply totaled 3 months, a slight increase of .4 percent from August 2017’s months of supply. August’s months of supply decreased from July’s 3.2 months of supply.

Pricing: The Lee County median sales price in August was $243,222, an increase of 5 percent from one year ago and an increase of .5 percent from the prior month. This direction is consistent with historical data (2013-17) indicating that the August median sales price on average increases from July by 2.6 percent. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE highly recommends consulting with a local real estate professional to discuss pricing trends, as they will vary from neighborhood to neighborhood. The homes selling in August spent an average of 57 days on the market (DOM), a decrease of 27.8 percent from 79 days in August 2017, while increasing 7.5 percent from 53 days in July.

Forecast: August sales were 11 units, or 5.4 percent, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 203 sales for the month, while actual sales were 192 units. ACRE forecast a total of 1,500 residential sales in the Lee County area year-to-date, while there were 1,548 actual sales through August.

ACRE’s statewide perspective: Residential sales in Alabama continued to grow during the late summer of 2018. Total residential sales during August increased 3.5 percent year-over-year from 5,664 to 5,862 closed transactions. Year-to-date through August, statewide residential sales are up 6.6 percent from 39,594 one year ago to 42,209. Home price appreciation in the state also continues its upward trajectory. The median sales price in August increased 2.9 percent from $158,059 to $162,711, while the year-to-date median sales price is up 4.9 percent from 2017. Although nationwide inventory levels are starting to stabilize, Alabama’s residential inventory decreased 11.4 percent from one year ago. Low inventory levels were a major factor contributing to rising sales prices during August. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during August spent an average of 95 days on the market, an improvement of 22 days from 2017.

NAR’s national perspective: During August, nationwide sales volume for existing homes increased 0.7 percent year-over-year from 535,000 to 539,000 closed transactions. According to Lawrence Yun, chief economist for the National Association of Realtors, “Strong gains in the Northeast and a moderate uptick in the Midwest helped to balance out any losses in the South and West, halting months of downward momentum. With inventory stabilizing and modestly rising, buyers appear ready to step back into the market.”

Click here to view the entire monthly report.

The Lee County Residential Monthly Report is developed in conjunction with the Lee County Association of Realtors to better serve its area consumers.

Related Stories