Sales: According to the East Alabama Board of Realtors, Phenix City-area residential sales totaled 114 units during November, up 32.6% from 86 sales in the same month a year earlier. November sales were up 6.5% compared to 107 sales in October. Results were 50.4% above the five-year November average of 76 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 November totaled 360 units, a decrease of 16.7% from 432 units one year ago and a decrease of 5.3% from October 2019’s 380 units. November’s months of supply totaled 3.2 months, a decrease of 37.1% from November 2018. November’s months of supply decreased 11.1% from October’s months of supply.

Pricing: The Phenix City median sales price in November was $179,950, an increase of 7.8% from one year ago and an increase of 11.8% 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 November was 102 days, a decrease of 9.7% from November 2018 and an increase of 2% from 100 days in October.

Forecast: November sales were 33 units, or 40.7%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 81 sales for the month and actual sales were 114 units. ACRE forecast a total of 1,046 transactions in the Phenix City area year-to-date, while there have been 1,287 transactions through November.

ACRE’s statewide perspective: Residential sales growth continued in October as total residential sales increased 6.7% year-over-year from 4,883 to 5,211 closed transactions. Year-to-date, sales are up 4.5% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in October increased 10.1% year-over-year, marking 24 consecutive months of gains. The statewide median sales price is up 5.5% year-to-date. While properties listed for sale nationwide decreased 4.3% year-over-year, Alabama’s residential listings continued to tighten, decreasing 10.7% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and continued into the fourth 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 October spent an average of 88 days on the market, a decrease of eight days from October 2018.

NAR’s national perspective: Existing home sales rebounded in October, increasing 3.8% year-over-year from approximately 446,000 closed transactions one year ago to 463,000 currently. The nationwide median existing-home price increased 6.2% in October, marking 92 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “Historically-low interest rates, continuing job expansion and higher weekly earnings are undoubtedly contributing to these higher numbers. We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory.”

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.