July home inventory in Lee County continuing to increase steadily
Topics: Residential Real Estate
Markets: Lee County
Sales: According to the Lee County Association of Realtors, July residential sales in the Auburn-Opelika area decreased 7.5% year-over-year from 306 to 283 closed transactions, ending 13 consecutive months of Y/Y gains. Following seasonal trends, sales increased 0.35% from June. Sales are now up 24.34% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of the Lee County area’s housing data, click here.
Inventory: July listings (420) increased 14.44% from June and declined 29.41% from one year ago. Months of supply (inventory to sales ratio) also decreased from 1.9 to 1.5, reflecting a market where seller’s generally have elevated bargaining power.
Pricing: The area’s median sales price in July was $300,000, an increase of 17.37% from one year ago and an increase of 4.04% from June. 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.
Homes sold in July averaged 39 days on the market (DOM), 40 days faster than July 2020.
Forecast: July sales were 3 units above month forecasting 283 units, the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 280 sales for the month, while actual sales were 283 units. ACRE forecast a total of 1703 sales in the area year-to-date, while there were 1732 actual sales through July, a difference of 1.69%.
New Construction: The 81 new homes sold represent 28.6% of all residential sales in the area in July. Total sales decreased 12% year-over-year. The median sales price in July was $310,175, a decrease of 5.3% from June and an increase of 4.5% from one year ago.
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 area consumers.
Editor's Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period July 1 - 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.