It’s an exciting time for Lee County as we enter the next decade. In the real estate sphere, we’re roaring—as Lee County’s January 2020 residential report from the Alabama Center for Real Estate (ACRE) indicates. Trends from the decade’s debut month show promising upticks when compared to last year’s numbers.
More homes are hitting the market.
Encouraging for would-be homebuyers, home listings on the market are on the rise. There has been a 9 percent increase in homes for sale since this time last year. Over a three-year period, home listings have gone up almost one-and-a-half-fold!
Home buying has dipped, but still remains high.
When compared to the last month of 2019, Lee County’s January 2020 residential report shows a slight dip in residential sales. However, with 128 units sold during the month, this January outperforms last January by almost 8 percent. The lion’s share of these purchases? Existing square footage.
Prices continue to climb.
Home prices continue to trend upward, with the median sales price in Lee County clocking in at $276,725. This is a 17.8 percent jump from last year. Comparatively, the average sales price saw an almost 6 percent increase. Both metrics have scooted north from December 2019.
Days on market are down.
Good news for home sellers, Lee County’s January 2020 residential report points to a near-historic low for homes’ days on the market. Last year’s bump in days on market has steadily decreased, with 74 days now being the norm. That’s a nearly 17 percent drop from one year ago.
The seller’s market still remains.
Sellers have more bargaining power at the moment. Even with just two months till a relative market balance, sellers still have the edge. But, supply is making a comeback. It’s up almost 25 percent from December 2019.
Summary
Lee County’s January 2020 residential report shows bright markers for many real estate ventures, including selling and buying. Now seems like a better time than ever to make a move.
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