Phenix City median home sales price up 11 percent in September from one year ago

Phenix City median home sales price up 11 percent in September from one year ago
The Phenix City median home sales price in September was $166,500. (iStock)

Sales: According to the Phenix City Board of Realtors Multiple Listing Service, Phenix City area residential sales totaled 89 units during September, unchanged from 89 sales in the same month a year earlier. September sales were down 32.6 percent compared to 132 sales in August. Results were 7.2 percent above the five-year September average of 83 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 September were 468 units, an increase of 4 percent from September 2017’s 450 units and a decrease of 3.5 percent from August 2018’s 485 units. September months of supply totaled 5.3 months, an increase of 4 percent from September 2017. September’s months of supply also increased from August’s 3.7 months of supply.

Pricing: The Phenix City median sales price in September was $166,500, an increase of 11 percent from one year ago and a decrease of 1.2 percent from the prior month. This direction is inconsistent with historical data (2013-17) indicating that the August median sales price on average increases from August by 1.3 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 September was 126 days, an increase of 20 percent from 105 days in September 2017, and an increase of 9.6 percent from 115 days in August.

Forecast: September sales were 14 units, or 13.6 percent, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 103 sales for the month, while actual sales were 89 units. ACRE forecast a total of 930 residential sales in the Phenix City area year-to-date, while there were 889 actual sales through September.

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 Phenix City Residential Monthly Report is developed in conjunction with the Phenix City Board of Realtors.

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