Sales: According to the East Alabama Board of Realtors, Phenix City area residential sales totaled 83 units during February, up 22.1 percent from 68 sales in the same month a year earlier. February sales were also up 18.6 percent compared to 70 sales in January. Results were 13.7 percent above the five-year February average of 73 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 February totaled 404 units, a decrease of 7.6 percent from 437 units one year ago and a decrease of 4.3 percent from January 2019’s 422 units. February months of supply totaled 4.9 months, a decrease of 24.3 percent from February 2018. February’s months of supply also decreased 19.3 percent from January’s 6 months of supply.
Pricing: The Phenix City median sales price in February was $152,000, an increase of 2.6 percent from one year ago and a decrease of 0.7 percent from the prior month. This direction is consistent with historical data (2014-18) indicating that the February median sales price on average decreases from January by 7.1 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. The average number of days on the market (DOM) for homes sold during February was 119 days, a decrease of 9.8 percent from 132 days in February 2018 and an increase of 10.2 percent from 108 days in January.
Forecast: February sales were four units, or 5.1 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 79 sales for the month, and actual sales were 83 units. ACRE forecast a total of 147 transactions in the Phenix City area year-to-date, while there have been 153 transactions through February.
ACRE’s statewide perspective: After a strong 2018, statewide residential sales in January increased 1.1 percent year-over-year from 3,320 to 3,358 closed transactions. Home price appreciation in the state continued to climb as the median sales price in January increased 5.5 percent year-over-year from $143,152 to $151,015. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 7.4 percent from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during January spent an average of 106 days on the market, an improvement of 10 days from 2018.
NAR’s national perspective: During January, total existing-home sales nationwide declined 9 percent from approximately 313,000 closed transactions one year ago to 285,000 currently. Lawrence Yun, chief economist for the National Association of Realtors, said, “Existing home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low. Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months.”
The Phenix City Residential Monthly Report is developed in conjunction with the East Alabama Board of Realtors.