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

Sales: According to the Lee County Association of Realtors Multiple Listing Service, Lee County area residential sales totaled 99 units during October, a decrease of 12 percent or 13 units below the same period last year. Two more resources to review: Quarterly Report and Annual Report.

Click here for all of the Alabama Center for Real Estate’s Lee County residential data.

Year-to-date home sales in Lee County rose 14 percent compared to the same period last year.

Forecast: October sales were six units or 6 percent below ACRE’s monthly forecast. ACRE’s year-to-date sales forecast through October projected 1,399 closed transactions, while the actual sales were 1,578 units, a favorable difference of 13 percent.

Supply: The Lee County housing inventory in October was 457 units, a decrease of 30 percent from October 2015 and a 67 percent decrease from the October inventory peak in 2010 (1,367 units). October inventory in Lee County decreased 10 percent from September. This direction is consistent with historical data indicating that October inventory on average (2011-15) decreases from September by 3.3 percent.

The inventory-to-sales ratio in October was 4.6 months of housing supply. Restated, at the October sales pace, it would take 4.6 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during October. Lee County was one of Alabama’s most balanced markets in October, especially compared to October 2010’s 27.9 months of supply.

Demand: October residential sales decreased 27.7 percent from September. This direction is consistent with seasonal buying patterns and historical data indicating that October sales on average (2011-15) decrease by 7.2 percent from September.

Pricing: The Lee County median sales price during October was $225,000, up 14 percent from last October. The October median sales price decreased 2.2 percent compared to the September median sales price. This direction contrasts with historical data (2011-15) indicating that the October median sales price on average increases from the September price by 4.1 percent. Pricing can fluctuate from month to month as the sample size of data (closed transactions) is subject to seasonal buying patterns. ACRE recommends contacting a local real estate professional to discuss the latest pricing trends.

Industry perspective: “Since July, more consumers, on net, have steadily expected mortgage rates to rise and home price appreciation to moderate,” said Doug Duncan of Fannie Mae. “Furthermore, consumers’ perception of their income over the past year deteriorated sharply in October to the worst showing since early 2013, weighing on the index. However, this component of the HPSI (home purchase sentiment index) is volatile from month to month, and the firming trend in wage gains from the October jobs report, if sustained, may foreshadow an improving view in the near future.”

Click here to generate more graphs from the Lee County October Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply. 

The Lee County Residential Monthly Report is developed in conjunction with the Lee County Association of Realtors to better serve Opelika/Auburn consumers.