Click here to view or print the entire monthly report compliments of the ACRE Corporate Cabinet.

Sales: According to the Phenix City Board of Realtors Multiple Listing Service, Phenix City area residential sales totaled 45 units during November, a decrease in sales by 31.8 percent from the same period a year earlier. Year-to-date sales through November are 2.8 percent higher than they were in November 2014. Two more resources to review: Quarterly Report and Annual Report

Forecast: November sales were 28 percent or 18 units below our monthly forecast. Alabama Center for Real Estate’s (ACRE) year-to-date sales forecast through November projected 820 closed transactions while the actual sales were 855 units, a rise of 4 percent.

Homes sales in Phenix City during November were down across the board during 2015.

Supply: Phenix City area housing inventory in November totaled 663 units, an increase of 7 percent from November 2014. In addition, November inventory decreased 3.2 percent from the prior month. This direction contrasts with historical data that indicate November inventory on average (2010-14) increases from the month of October by 0.9 percent. Inventory levels have now reduced 45.7 percent from the November peak in 2007. The inventory-to-sales ratio in November was 14.7 months of housing supply. Restated, at the November sales pace, it would take 14.7 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during November.

Demand: November sales decreased 35.7 percent from the prior month. This direction is consistent with historical data that indicates November sales on average (2010-14) decrease from the month of October by 7 percent. Days on Market (DOM) until home sold was 114 days, virtually unchanged from the previous month but down 10.2 percent from last year.

Pricing: The Phenix City median sales price in November was $141,000, a decrease of 1 percent from November 2014 and an increase of 1.8 percent from last month. This direction (percent change) is consistent with historical seasonal data (2010-14) that reflects November on average increase from the month of October by 2.8 percent. It should be noted that the differing sample size (number of residential sales of comparative months) can contribute to statistical volatility including pricing. The Center highly recommends consulting with a real estate professional to discuss prices as it can and will vary from neighborhood to neighborhood.

Industry Perspective: “Despite mixed housing and mortgage market data, our forecast for housing activity is little changed over the past several months,” said Fannie Mae Chief Economist  Dave Duncan. “The supply of existing homes remains lean amid slowing new single-family construction, putting significant upward pressure on home prices. While this helps boost home equity, it hurts affordability, especially for potential first-time homebuyers. Meanwhile, we expect mortgage rates to rise only gradually through next year, and an improving income trend should help support affordability. We foresee total home sales improving further in 2016, albeit at less than half of the 8.0 percent increase expected this year.” For full report click here.

The average sales price during November in Phenix City rose 3 percent from the prior month.

On average, homes sold during November spent about 114 days on the market.

Inventory during November in Phenix City rose 7 percent to 663 units.

The median sales price during November in Phenix City rose 1.8 percent from October.

Months of supply rose to 14.7 during November, an unfavorable trajectory for Phenix City where the market equilibrium is 6.0.

Year-to-date sales during November in Phenix City rose 2.8 percent.

Home sales hit a new low in Phenix City for November at 45 units.

Bryan Davis is the research/media Coordinator for the Alabama Center for Real Estate housed within the Culverhouse College of Commerce at the University of Alabama. He can be reached at 205-348-5416 or at bkdavis@culverhouse.ua.edu. The Phenix City Residential Monthly Report is work product developed in conjunction with the Phenix City Board of Realtors to better serve Phenix City area consumers. The ACRE monthly report is provided to illustrate the “general” market direction & trends when comparing prior periods with the most current residential data available. Real estate is local and statistics will fluctuate between areas within a city including subdivisions. ACRE recommends that you consult a local real estate professional for “specific” advice associated with your market.