Sales: According to the Lee County Association of Realtors Multiple Listing Service, Lee County home sales totaled 131 units during October, up 7.4 percent from 122 sales in the same month a year earlier. However, October sales were down 14.9 percent compared to 154 sales in September. Results were 27.4 percent above the five-year October average of 103 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 October totaled 557 units, an increase of 10.3 percent from October 2017’s 505 units, and a decrease of 4 percent from September 2018’s 580 units. October months of supply totaled 4.3 months, an increase of 2.7 percent from October 2017’s 4.1 months of supply. October’s months of supply also increased from September’s 3.8 months of supply.
Pricing: The Lee County median sales price in October was $226,900, a decrease of 3.4 percent from one year ago and a decrease of 2.3 percent from the prior month. This direction is consistent with historical data (2013-17) indicating that the October median sales price on average decreases from September by 5.4 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 October spent an average of 54 days on the market (DOM), a decrease of 8.5 percent from 59 days in October 2017, while also decreasing 1.8 percent from 55 days in September.
Forecast: October sales were one unit, or 0.7 percent, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 132 sales for the month, while actual sales were 131 units. ACRE forecast a total of 1,778 residential sales in the Lee County area year-to-date, while there were 1,833 actual sales through October.
ACRE’s statewide perspective: While nationwide sales declined 2.6 percent during October, residential sales in Alabama continued to grow during the fall of 2018. Total residential sales in Alabama increased 9.1 percent year-over-year from 4,473 to 4,880 closed transactions. Year-to-date through October, statewide residential sales are up 7 percent from 48,745 one year ago to 52,163 currently. Home price appreciation in the state continued to grow as the median sales price in October increased 7.1 percent year-over-year from $146,458 to $156,872. The year-to-date median sales price is up 4.8 percent from 2017. Although nationwide inventory levels increased 2.8 percent in October, Alabama’s residential inventory decreased 9.2 percent from one year ago. Low inventory levels were a major factor contributing to rising sales prices throughout 2018. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during October spent an average of 98 days on the market, an improvement of 15 days from 2017.
NAR’s national perspective: During October, nationwide inventory for existing homes increased 2.8 percent year-over-year from 1.8 million to 1.85 million residential listings. According to Lawrence Yun, chief economist for the National Association of Realtors, “As more inventory enters the market and we head into the winter season, home price growth has begun to slow more meaningfully. This allows for much more manageable, less frenzied buying conditions.”
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.