Statewide Alabama real estate market data continues to show positive trends. Key findings of Alabama’s Residential Report for February 2021 from the Alabama Center for Real Estate (ACRE) point to the current trends remaining relatively the same for the near future. Find out what the data supports with the report highlights below.
Total residential sales are up!
The good news is both year-over-year and month-to-month show a boost in overall closed transactions in February. For example, in February 2021, 5,197 total residential sales were completed versus 4,533 in February 2020. Simplified, that’s about a 15 percent increase!
Month-to-month figures also support the promising trend with almost 8 percent more sales completed in February than in January. This favorable gain in sales is hard to predict, but we’ll be keeping our eye on it!
Average sales prices across Alabama continue to rise.
The average sales price statewide in February 2021 was $231,646. Compared to February 2020’s average sales price of $194,650, that equals a 19 percent surge year-over-year!
Once again, this trend is exemplified with the month-to-month data shown on Alabama’s Residential Report for February 2021. In January 2021, the reported average statewide sales price was $222,831. Hence, February 2021 shows a 4 percent growth in one month. This is one of the trends ACRE predicts will hold for the foreseeable future.
Homes are spending less time on the market.
Good news for Alabama buyers and sellers! Reported figures show houses on average in February 2021 spent 67 days on the market. Whereas a year ago in February 2020, houses were on the market for an average of 93 days.
Therefore, sellers and buyers were able to celebrate 26 days sooner this year versus last!
Feeling like this is what you wanted to hear? The good news is this is another positive trend ACRE sees sticking around!
Sellers have a slight market edge.
According to Alabama’s Residential Report for February 2021, fewer homes are currently available for sale. Statewide figures for February 2021 show 9,950 total homes listed for sale. Compared to February 2020’s 17,770 total, that’s a 44 percent difference.
In a nutshell, it gives sellers a small advantage in terms of bargaining when inventory is limited. But buyers needn’t despair; the house of your dreams is out there. Finding your next home with an experienced agent is all part of the excitement!
Summary
Alabama’s real estate market represents positive growth across the state! In Lee County, we are pleased to be part of the steady real estate market and helping clients achieve their buying and selling goals.
Considering a move to or within the Auburn, Opelika and Lake Martin communities? Contact Ryan Roberts. For a preview of available properties, click here. To learn more about life in the area, check out our blogs!
