Sales: According to the Phenix City Board of Realtors Multiple Listing Service, Phenix City area residential sales totaled 103 units during March, up 30.4 percent from 79 sales in the same month a year earlier. Results were 26.2 percent above the five-year April average of 82 sales. Two more resources to review: Quarterly Report and the Annual Report.
For all of Phenix City’s area home sales data, click here.
Forecast: March sales were one unit, or 1 percent, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 104 sales for the month, while actual sales were 103 units. ACRE forecasts a total of 373 residential sales in the Phenix City area year to date, while there were 331 actual sales through April.
Supply: Phenix City area housing inventory in April totaled 468 listings, a decrease of 10.9 percent from one year ago. Inventory levels have reduced 61.1 percent from the 10-year April peak reached in 2008, when 1,204 units were listed for sale. The inventory-to-sales ratio in April was 4.5 months of housing supply. Restated, at the April sales pace, it would take 4.5 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months.
Demand: April sales increased 8.4 percent from the prior month. This direction goes against historical data trends indicating that April sales on average (2013-17) decrease from March by 6.7 percent. The average number of days on the market until homes sold was 104 days, down from 122 days on the market one year ago.
Pricing: The Phenix City median sales price in April was $150,000, an increase of 20 percent from one year ago and a decrease of 5.7 percent from the prior month. This direction is consistent with historical data (2013-17) indicating that the April median sales price on average decreases from March by 4.7 percent. 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.
Industry perspective: Statewide, residential real estate sales continued to show growth during the first quarter of 2018 as they grew 2.4 percent from the first quarter of 2017. Low inventory levels, however, played a large role in driving prices upward. During the first quarter of the year, the statewide median sales price increased 7.1 percent from one year ago. Although good news for sellers, this price growth, combined with rising interest rates, could lead to affordability issues for buyers in today’s markets.
Click here to download graphs from the Phenix City Monthly Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.