In keeping with the spirit of the new year, let’s review some highlights from Lee County’s December 2022 Residential Report to see where we’ve been. They may also give us an idea of where things are headed.
Inventory continues to increase.
Good news for buyers! Simply put, more inventory means more choices.
In fact, the housing inventory increased by 50.5 percent in Lee County. To clarify, there were 153 more homes on the market in December 2022 than there were in December 2021.
Opelika had the biggest inventory jump with a 103.4 percent increase. To break that percentage down, there were 88 homes on the market in December 2021 and 179 total homes for sale in December 2022. That’s a whopping 91 more homes last month!
New listings are lower year-over-year.
Inventory may be up, but year-over-year new listings were down for December across the board.
Looking back to December 2021, for example, Auburn had 73 new listings. In December 2022, that figure was just 43.
Properties are spending more time on the market.
Here’s another one of the highlights from Lee County’s December 2022 Residential Report that may favor buyers.
Homes in Opelika spent an average of 71 days on the market last month versus 18 days in December 2021. That’s 53 more days on the market!
In Lee County, homes spent an average of 24 more days on the market in December 2022 compared to December 2021. Whereas Auburn only saw a 22.2 percent increase, which translated to 10 more days year-over-year.
Average sales prices remain high.
Once again, sellers in Lee County, Opelika and Auburn can relax, knowing their initial investment will be worth the return if December figures are any indication.
Opelika continues to lead the charge with the biggest increase in year-over-year average sales prices. In fact, average sales prices went up 32.6 percent from December 2021 to December 2022. To specify, that’s $94,392 more!
Summary
These top highlights from Lee County’s December 2022 Residential Report have us excited about what the future holds. Are you ready to talk more about your buying and selling options in East Alabama? Contact Ryan Roberts! For more local statistics, real estate trends and community news, keep reading our blogs.
