Sales: According to the Phenix City Board of Realtors Multiple Listing Service, Phenix City area residential sales totaled 86 units during November, down 10.4 percent from 96 sales in the same month a year earlier. November sales were also down 13.1 percent compared to 99 sales in October. Results were 20.1 percent above the five-year November average of 72 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 November were 432 units, an increase of 4.1 percent from November 2017’s 415 units and a decrease of 2.5 percent from October 2018’s 443 units. November months of supply totaled 5 months, an increase of 16.2 percent from November 2017. November’s months of supply also increased from October’s 4.5 months of supply.
Pricing: The Phenix City median sales price in November was $166,950, an increase of 23 percent from one year ago and an increase of 4.3 percent from the prior month. This direction is consistent with historical data (2013-17) indicating that the November median sales price on average increases from October by 0.2 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 November was 113 days, an increase of 10.8 percent from 102 days in November 2017, and a decrease of 22.1 percent from 145 days in October.
Forecast: November sales were on target with the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 86 sales for the month, and actual sales were 86 units. ACRE forecast a total of 1,112 residential sales in the Phenix City area year-to-date, while there were 1,074 actual sales through November.
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.”
The Phenix City Residential Monthly Report is developed in conjunction with the Phenix City Board of Realtors.