While the national real estate market saw a 3 percent overall decrease in sales so far this year compared to the first quarter of 2017, the Alabama market—and our local Lee County real estate market—have been trending in the other direction.
Lee County real estate had the largest percentage increase in total sales among Alabama real estate markets for the first quarter of 2018, having experienced a whopping 19 percent increase in home sales. Lee County had 390 closed transactions during the first quarter of 2017 and 464 closed transactions during the first quarter of 2018. Alabama as a whole saw a 2.4 percent increase during the same time period.
In addition, the Lee County real estate market’s first quarter 2018 sales were 50.6 percent above the five-year quarterly average (2013-2017) of 308 closed transactions, and they were 15.4 percent above the Alabama Center for Real Estate (ACRE)’s forecast of 402 home sales for the market. Lee County is trailed by the Shoals Area, Cullman County, the Athens Area and Huntsville Area in the top five most improved markets during the first quarter of 2018.
Here are a few other notable statistics regarding real estate in Lee County and the bigger picture from the first quarter of 2018:
- Lee County inventory experienced year-over-year gains of 11 percent. Nationwide, inventory decreased 8 percent year-over-year, while Alabama’s inventory as a whole decreased 12 percent.
- Lee County’s median sales price increased 1 percent from the first quarter of 2017 compared to the first quarter of 2018. The median sales price in Alabama increased 7 percent year-over-year.
- The average number of days on the market decreased 24 percent in Lee County year-over-year, compared to 8 percent both state and nationwide.
- In April 2018, Lee County had 196 home sales, compared to 157 in April 2017 and a 142 average from April 2013 to 2017.
- The median sales price in Lee County was $240,500 in April 2018, compared to $202,855 in April 2017 and a $175,591 average from April 2013 to 2017.
- The average sales price in Lee County was $265,391 in April 2018, compared to $230,433 in April 2017 and a $202,892 average from April 2013 to 2017.
- The average days on market in Lee County was 70 in April 2018, compared to 64 in March 2018, 55 in April 2017 and a 145 average from April 2013 to 2017.
- The total homes listed for sale in Lee County was 516 in April 2018 compared to 525 in March 2018, 552 in April 2017 and an average of 750 from April 2013 to April 2017.
The Lee County real estate market is making headlines as sales increase. For more insight into the local real estate industry, continue to follow the Ryan Roberts Realtor blog! And for your real estate needs in Auburn, Opelika and Lake Martin, call Ryan today at 334-750-9872, or email [email protected].
