It is time once again for the monthly update in regard to the current state of affairs for the real estate market in our area. Check out these key points from Lee County’s August 2020 Residential Report from the Alabama Center for Real Estate!
Total residential sales continue to increase.
The results are in and the demand for homes in our area is up by 19%! In August 2019, the total residential sales for Lee County was 205 units. This year, the residential sales for August are 243 units—that’s 38 more than the previous year.
What’s fascinating to see in the report is the difference in a decade. In August 2010 only 86 total residential sales were reported. That means 10 years later, residential sales have seen an increase by more than 150 units.
Sales prices are up!
Both median and average sales prices are up this month compared to year-over-year figures. These key points from Lee County’s August 2020 residential report are good news for sellers!
The median sales price for August was $277,277, which was up about 17% from last August. It also jumped from month-to-month with about a $20,000 increase from July. The average sales price in Lee County is up about 15% from August 2019 with the average sales price for August 2020 around $299,000.
In most cases, it currently remains a seller’s market.
This is good news for those in the market to sell, but it could potentially be challenging for those looking to buy a new home. Compared to last August, the total number of homes available for sale is down about 5%, which means there is currently about a two-month supply of homes for sale at the moment.
Summary
The key points from Lee County’s August 2020 residential report shows promising trends moving in the right direction overall. Buyers with a wish list ready, contact Ryan Roberts now to start your search. With a limited supply on the market, you don’t want to miss out on the ideal home for your family! For more real estate news, check out other blogs and discover why Auburn, Opelika, and the surrounding area are great places to call home.