Lee County real estate trends from November 2020 are setting the stage for the forecasted 2021 market trends. From sales prices to total residential sales to housing inventory, the good news is things are happening!
Total residential sales continue to increase.
The year-to-year figures show total residential sales jumped almost 30 percent from November 2019 to November 2020. That equals 43 more units sold in 2020 versus 2019, and even indicates a slight month-to-month increase from October to November.
November saw the sale of six more units than October, bringing the total figure to 188 total residential sales for the month.
Sales prices stay up!
Lee County real estate trends from November 2020 show continued promising profits for those in the market to sell. Median sales prices continue to increase from both year-to-year (with a 16 percent boost) and month-to-month, which went up 2.5 percent.
According to the facts and figures, the median sales price in Lee County for November 2020 was $287,908. Last month, the median sales price was about $7,000 less, and a year ago, it was $40,000 less. That’s a big difference!
Inventory is holding steady.
The inventory-to-sales ratio from month-to-month basically stayed the same from October to November 2020. The data indicates that Lee County real estate trends from November 2020 give buyers in the area a little less than a three month supply of available homes for sale.
The exact 2.7 inventory-to-sale ratio for November 2020 is down from the previous year by almost 38 percent. In 2019 during the same month, there was about a four month supply of homes on the market.
Trends hold true for a continued sellers’ market.
When compared to November 2019, November 2020 saw a 19 percent decrease in the total residential homes listed for sale. This figure gives sellers in 2020 a slight advantage since there are only so many options available for interested buyers.
When compared to October 2020, November still shows a slight decrease at about 5 percent, which breaks down 28 fewer homes on the market for the month. However, this is not bad news for buyers. It just means working with an expert will make your search easier!
Summary
Ryan Roberts is here to make any and all of the Lee County real estate trends from November 2020 all positives! Whether the time has come to buy or sell, contact Ryan if you are considering a move. For more real estate news, check out other blogs and discover why Auburn, Opelika, and the surrounding area are great places to call home.
