The momentum from the past year or so continues. Like previous months, April was no stranger to certain market patterns. Wondering how local sales went? Let’s walk through all the interesting trends from Lee County’s April 2022 Residential Report.
Lee County homes spent less time on the market, but not by much.
Over the last year, the average time homes spent on the market has dropped. Lee County homes were on the market for an average of 52 days in April 2021. Just last month, that average dropped by almost a full week to 46 days. That’s about an 11.5 percent decrease year-over-year.
Homes are still in shorter supply.
It’s a competitive market out there! Not only are homes selling quicker, but there are still fewer on the market compared to the previous year. Back in April 2021, Lee County had 258 new listings. Last month, though, that number was 214.
There are fewer condos in Auburn too.
Next up on this list of trends from Lee County’s April 2022 Residential Report, we’re covering condos. Condos are a great starter property, investment, or even gameday retreat. However, in Auburn, they’re a bit scarcer, with supply more than dropping in half. Back in April 2021, there were 49 Auburn condos on the market, compared to the 22 last month.
Homes are selling for more.
It’s an excellent time to sell. Over the past year, Lee County homes’ sold prices have risen by about 12.7 percent. The average Lee County sold price in April 2022 was $385,577—$43,547 more than April 2021’s average of $342,030. Additionally, Auburn homes’ average sold price increased by 18.2 percent , while Opelika homes went up just slightly by 2.4 percent.
Fewer properties sold.
Last month, fewer properties sold compared to numbers in April 2021. That’s likely because while demand is still high, the supply is a bit lower. Just to compare, 232 Lee County properties sold in April 2021, while 208 sold in April 2022.
Total property sales in dollars have gone up
Have you ever wondered just how much buyers spend on local real estate in our county? Well, you’re about to get your answer—and it’s a big one! The total property sales sold dollar volume in April 2022 was $80,199,922, an increase from April 2021’s figure of $79,350,926.
Summary
These trends from Lee County’s April 2022 Residential Report are eye-opening. Whether you’re an excited seller looking to ride the wave, or you’re an eager possible buyer in need of an experienced Realtor, Ryan Roberts can help.
He has extensive experience both buying and selling in the East Alabama area. Contact him here to begin. If you want to learn more about the local market—and how to make the most of it— you can also explore his blog.
