Sales: According to the East Alabama Board of Realtors, Phenix City-area residential sales totaled 129 units during December, up 74.3% from 74 sales in the same month a year earlier. December sales were up 13.2% compared to 114 sales in November. Results were 68.8% above the five-year December average of 76 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 December totaled 337 units, a decrease of 24.3% from 445 units one year ago and a decrease of 6.4% from November 2019’s 360 units. December’s months of supply totaled 2.6 months, a decrease of 56.6% from December 2018. December’s months of supply decreased 17.3% from November’s months of supply.
Pricing: The Phenix City median sales price in December was $169,900, a decrease of 4.8% from one year ago and a decrease of 5.6% from the prior month. 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 December was 109 days, a decrease of 8.4% from December 2018 and an increase of 6.9% from 102 days in November.
Forecast: December sales were 43 units, or 50%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 86 sales for the month and actual sales were 129 units. ACRE forecast a total of 1,132 transactions in the Phenix City area year-to-date, while there have been 1,416 transactions through December.
ACRE’s statewide perspective: Residential sales growth continued in November but at a slower pace, as total residential sales increased 0.8% year-over-year from 4,598 to 4,635 closed transactions. Year-to-date, sales are up 4.2% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in November increased 9.3% year-over-year, marking 25 consecutive months of gains. The statewide median sales price is up 5.8% year-to-date. While properties listed for sale nationwide decreased 5.7% year-over-year, Alabama’s residential listings continued to tighten, decreasing 10.5% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and continued into the fourth quarter of 2019. With low inventory levels, it is not surprising to see homes selling at a slightly quicker pace than one year ago. Homes selling in Alabama during November spent an average of 92 days on the market, a decrease of one day from November 2018.
NAR’s national perspective: Existing-home sales declined slightly in November, decreasing 0.5% year-over-year from approximately 406,000 closed transactions one year ago to 402,000 currently. The nationwide median existing-home price increased 5.4% in November, marking 93 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “Sales will be choppy when inventory levels are low, but the economy is otherwise performing well, with more than 2 million job gains in the past year.” Properties listed for sale nationwide declined 5.7% in November from approximately 1.74 million listings one year ago to 1.64 million currently.
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