Sales: According to the Lee County Association of Realtors Multiple Listing Service, Lee County home sales totaled 132 units during February, down 11.4 percent from 149 sales in the same month a year earlier. February sales were up 10.9 percent compared to 119 sales in January. Results were 16 percent above the five-year February average of 114 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 February totaled 589 units, an increase of 14.1 percent from February 2018’s 516 units, and an increase of 3.7 percent from January’s 568 units. February months of supply totaled 4.5 months, an increase of 28.8 percent from February 2018’s 3.5 months of supply. February’s months of supply decreased 6.5 percent from January’s 4.8 months of supply.
Pricing: The Lee County median sales price in February was $243,056, an increase of 13 percent from one year ago and an increase of 3.4 percent from the prior month. This direction is inconsistent with historical data (2013-17) indicating that the February median sales price on average decreases from January by 9.3 percent. 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 February spent an average of 72 days on the market (DOM), an increase of 1.4 percent from 71 days in February 2018, but a decrease of 19.1 percent from 89 days in January.
Forecast: February sales were five units, or 3.1 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 128 sales for the month, while actual sales were 132 units. ACRE forecast a total of 235 residential sales in the Lee County area year-to-date, while there were 251 actual sales, a difference of 6.8 percent.
ACRE’s statewide perspective: Statewide residential sales in February increased 10.9 percent year-over-year from 3,807 to 4,222 closed transactions. Year-to-date sales increased 6.4 percent from 2018. Home price appreciation in the state continued to climb, but at a slower pace, as the median sales price in February increased 3 percent year-over-year from $152,771 to $157,319. The statewide median sales price is also up 4.2 percent year-to-date. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 8.9 percent from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and in the early months of 2019. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during February spent an average of 99 days on the market, an improvement of 27 days from February 2018.
NAR’s national perspective: During February, total existing-home sales nationwide declined 2.2 percent from approximately 319,000 closed transactions one year ago to 312,000 currently. The nationwide median existing-home price increased 3.6 percent in February, marking 84 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “It is very welcoming to see more inventory showing up in the market. For sustained growth, significant construction of moderately priced homes is still needed. More construction will help boost local economies and more home sales will help lessen wealth inequality as more households can enjoy in housing wealth gains.”
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.