Sales: According to the East Alabama Board of Realtors, Phenix City-area residential sales totaled 107 units during October, up 8.1% from 99 sales in the same month a year earlier. October sales were down 4.5% compared to 112 sales in September. Results were 33.4% above the five-year October average of 80 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 October totaled 380 units, a decrease of 14.2% from 443 units one year ago and a decrease of 4.8% from September 2019’s 399 units. October months of supply totaled 3.6 months, a decrease of 20.6% from October 2018. October’s months of supply decreased 0.3% from September’s months of supply.
Pricing: The Phenix City median sales price in October was $161,000, an increase of 0.6% from one year ago and a decrease of 8% 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 October was 100 days, a decrease of 31% from October 2018 and a decrease of 3.8% from 104 days in September.
Forecast: October sales were 16 units, or 17.6%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 91 sales for the month and actual sales were 107 units. ACRE forecast a total of 965 transactions in the Phenix City area year-to-date, while there have been 1,173 transactions through October.
ACRE’s statewide perspective: Residential sales growth continued in September as total residential sales increased 8.7% year-over-year from 5,069 to 5,510 closed transactions. Year-to-date, sales are up 4.3% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in September increased 7% year-over-year, marking 23 consecutive months of gains. The statewide median sales price is up 4.3% year-to-date. While nationwide inventory levels (active listings) decreased 2.7% year-over-year, Alabama’s residential listings continue to tighten, decreasing 9.7% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and continued into the third quarter of 2019. With low inventory levels, it is not surprising to see homes selling at a slightly quicker pace than one year ago. Homes selling in Alabama during September spent an average of 82 days on the market, a decrease of eight days from September 2018.
NAR’s national perspective: Existing home sales rebounded in September, increasing 7.4% year-over-year from approximately 421,000 closed transactions one year ago to 452,000 currently. The nationwide median existing-home price increased 5.9% in September, marking 91 consecutive months of year-over-year gains. John Smamby, president of the National Association of Realtors, said, “For families on the sidelines thinking about buying a home, current rates are making the climate extremely favorable in markets across the country. These traditionally low rates make it that much easier to qualify for a mortgage, and they also open up various housing selections to buyers everywhere.”
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.