Sales: According to the East Alabama Board of Realtors, Phenix City area residential sales totaled 157 units during June, up 49.5% from 105 sales in the same month a year earlier. June sales were up 24.6% compared to 126 sales in May. Results were 70.7% 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: Homes listed for sale in the Phenix City area during June totaled 393 units, a decrease of 16.4% from 470 units one year ago and a decrease of 1.3% from May 2019’s 393 units. June months of supply totaled 2.5 months, a decrease of 44.1% from June 2018. June’s months of supply decreased 20.8% from May’s 3.2 months of supply.
Pricing: The Phenix City median sales price in June was $175,000, an increase of 10.4% from one year ago and a decrease of 1.4% from the prior month. 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 99 days, an increase of 2.1% from June 2018 and an increase of 3.1% from 96 days in May.
Forecast: June sales were 48 units, or 44%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 109 sales for the month and actual sales were 157 units. ACRE forecast a total of 565 transactions in the Phenix City area year-to-date, while there have been 698 transactions through June.
ACRE’s statewide perspective: Statewide residential sales increased slightly in May, extending the streak to five consecutive months of year-over-year sales gains. Statewide residential sales increased 1.4% from 6,306 closed transactions in May 2018 to 6,392 in May 2019. Year-to-date, sales are up 3.2% from 2018. Home price appreciation in the state continued to climb as the median sales price in May increased 4.3% year-over-year from $165,688 to $172,864. The statewide median sales price is also up 3.4% year-to-date. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 11.6% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and in the spring buying season of 2019. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during May spent an average of 88 days on the market, an improvement of 12 days from May 2018.
NAR’s national perspective: Existing home sales rebounded in May, posting their first year-over-year gain since August 2018. Nationwide sales increased 0.9% from approximately 535,000 closed transactions one year ago to 540,000 currently. The nationwide median existing-home price increased 4.8% in May, marking 87 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “The purchasing power to buy a home has been bolstered by falling mortgage rates, and buyers are responding.”
Click here to view the entire monthly report.
The Phenix City Residential Monthly Report is developed in conjunction with the East Alabama Board of Realtors.