Sales: According to the Lee County Association of Realtors Multiple Listing Service, Lee County home sales totaled 145 units during November, up 5.8% from 137 sales in the same month a year earlier. November sales were down 7.6% compared to 157 sales in October. Results were 32.5% above the five-year November average of 109 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 November totaled 627 units, an increase of 12% from November 2018’s 560 units and an increase of 2.8% from October’s 633 units. November months of supply totaled 4.3 months, an increase of 5.8% from November 2018’s 4.1 months of supply. November’s months of supply increased 11.3% from October’s 3.9 months of supply.
Pricing: The Lee County median sales price in November was $247,880, a decrease of 5.8% from one year ago and a decrease of 4.7% from the prior month. This direction is inconsistent with historical data (2014-18) indicating that the November median sales price on average increases from October by 2.1%. 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 November spent an average of 98 days on the market (DOM), an increase of 53.1% from 64 days in November 2018 and an increase of 16.7% from 84 days in October.
Forecast: November sales were 19 units, or 15.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 126 sales for the month, while actual sales were 145 units. ACRE forecast a total of 1,969 residential sales in the Lee County area year-to-date, while there were 1,944 actual sales through November.
ACRE’s statewide perspective: Residential sales growth continued in November but at a slower pace, as total residential sales increased 0.8% year-over-year from 4,598 to 4,635 closed transactions. Year-to-date, sales are up 4.2% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in November increased 9.3% year-over-year, marking 25 consecutive months of gains. The statewide median sales price is up 5.8% year-to-date. While properties listed for sale nationwide decreased 5.7% year-over-year, Alabama’s residential listings continued to tighten, decreasing 10.5% 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 November spent an average of 92 days on the market, a decrease of one day from November 2018.
NAR’s national perspective: Existing-home sales declined slightly in November, decreasing 0.5% year-over-year from approximately 406,000 closed transactions one year ago to 402,000 currently. The nationwide median existing-home price increased 5.4% in November, marking 93 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “Sales will be choppy when inventory levels are low, but the economy is otherwise performing well, with more than 2 million job gains in the past year.” Properties listed for sale nationwide declined 5.7% in November from approximately 1.74 million listings one year ago to 1.64 million currently.
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.