Every month, the Alabama Center for Real Estate (also known as “ACRE”) puts together a report on the state’s and its individual counties’ real estate market trends. And every month, we break it down for you! So, read on to get an overview of Lee County’s May 2021 Residential Report.
Rising median sales prices
Homeowners sure can appreciate the appreciating median sales prices! In May 2020, the median sales price for a Lee County home was $255,600. Last month, it was $295,000—a growth of 15.4 percent!
Similarly growing average sales prices
The growth in median sales prices also roughly matches up with the growth in average sales prices. During May 2020, the average Lee County home sales price reached $276,553. Then, last month, it rose by 11 percent to $307,011.
Fewer days on the market
No one says “I hope my home takes forever to sell!” We all prefer results—and quickly. That makes the data from the latest ACRE report very welcomed. Homes spent 44.3 percent less time on the market in May 2021, when compared to May 2020. A year ago, it took residences an average of 79 days to sell. Last month, that number was just 44 days.
An uptick in residential sales since April
The school year has ended—which means that many families have decided to start the moving process. That reason, among others, reflects in Lee County’s May 2021 Residential Report. From April to May, residential sales grew by 8.4 percent, from 262 to 284 units.
A decrease in residential sales from 2020 to 2021
This time last year, the market experienced a big boom. After all, with all the time we were spending at home, many people wanted to move—ASAP! So, the 7.2 decrease in residential sales when you compare May 2020 and May 2021 makes sense. In 2020, 306 homes sold that month, as opposed to 284 last month. This may also have to do with the current limited inventory.
Fewer options for buyers
Sellers, you have an advantage! From May 2020 to May 2021, the number of homes listed for sale dropped by 40.3 percent.
Summary
Now that you know the latest info from Lee County’s May 2021 Residential Report, you hold the power in your hands. Want to buy? Thinking of selling? Or are you considering them both? Good news: no matter your answer, Ryan Roberts can help! Contact him here to begin. Finally, for more on local real estate and news, check out our blog.