We strive to keep the residents of Lee County up to date on the most recent and relevant data in regard to the state of our local real estate market. To meet that goal, we are sharing the highlights from Lee County’s July 2020 Residential Report from the Alabama Center for Real Estate .
Total residential sales are on the rise.
In just one month—from June to July to be specific—the total number of residential sales completed in Lee County increased by 46 units. The official count for June totaled 260 residential sales, and in July that number hit 306!
Looking back to last year’s data during July, the increase in total residential units sold is even greater with about a 37% increase. This steady increase indicates a promising real estate market trend in Lee County.
On average, homes continue to move quickly.
For the month of July, homes were only on the market for 79 days on average. While this is a small increase from June’s average (about 15 more days), it is extremely comparable to the data for July 2019. Last year at this time, houses tended to sell within 73 days.
That means this July kept the yearly race close with houses only spending six additional days on the market. This is certainly encouraging news for those considering selling their homes.
It currently remains a seller’s market.
Again, this is good news for those in the market to sell but presents more of a challenge for those looking to buy a new home. Compared to last July, the total number of homes available for sale is down about 9%. The figure is less drastic when you compare it to last month with only a 3% decrease.
Summary
Lee County’s July 2020 Residential Report shows a slight advantage for those who have been thinking about making a change and listing their current homes. It also indicates that buyers should not hesitate a moment longer to start their search for a new forever home! Ryan Roberts is here to help if either of these statements apply to you! Complete his contact form now to buy, sell or both in the Auburn, Opelika, and Lake Martin area. Don’t forget to check out other blogs to learn more about the real estate market.
