Phenix City Homes Continue To Sell Faster Than A Year Ago

By ACRE Research

Sales: According to the Phenix City Board of Realtors Multiple Listing Service, Phenix City area residential sales totaled 125 units during July, up 50.6 percent from 83 sales in the same month a year earlier. July sales were up 19 percent compared to 105 sales in June. Results were 38.9 percent above the five-year July average of 90 sales. Two more resources to review: Quarterly Report and the Annual Report.

For all Phenix City area home sales data, click here.  

Inventory: Total homes listed for sale in Phenix City during July were 498 units, a decrease of 1.4 percent from July 2017’s 505 units and an increase of 6 percent from June 2018’s 470 units. Phenix City also experienced a decline in months of supply. July months of supply totaled 4 months, a decrease of 34.5 percent from July 2017’s 6.1 months of supply. July’s months of supply also decreased from June’s 4.5 months of supply.Pricing: The Phenix City median sales price in July was $175,000, an increase of 29.2 percent from one year ago and an increase of 10.4 percent from the prior month. This direction is inconsistent with historical data (2013-17) indicating that the July median sales price on average decreases from June by 3.8 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 July was 105 days, a decrease of 10.3 percent from 117 days in July 2017, but an increase of 8.2 percent from 97 days in June.

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