We don’t know about you, but we love keeping up with the year-over-year changes and trends in our local real estate market. So, let’s take a break and review five takeaways from Lee County’s February 2023 Residential Report to see how things are going.
Overall, there was more inventory in our area.
Lee County, Auburn and Opelika each enjoyed an inventory boost in February 2023 compared to February 2022.
In fact, Lee County takes the cake, with 158 more total homes listed last month than in February 2022. Opelika, however, saw the largest percent increase at 90.7 percent more inventory.
Year-over-year, there were more new listings this February.
Not only was the total number of homes listed higher year-over-year, there were also more new listings across the board.
For instance, in February 2022, Lee County had 147 new listings, whereas this February had 171 new listings. In Opelika, new listings increased by 22.4 percent, with 13 more new listings in February 2023 than in February 2022.
Homes spent more time on the market.
Buyers, keep smiling. Here’s one of the takeaways from Lee County’s February 2023 Residential Report that remains in your favor!
With homes spending more time on the market in February 2023 in our area compared to last year, buyers have more time to find their ideal home as well as a little more bargaining power.
To clarify, on average, all area homes are spending at least 40 or more days on the market compared to the same time last year.
Average sales prices continue to increase.
Sellers, it’s your turn to smile! The average sales prices for homes in Lee County, Auburn and Opelika continue to increase.
Let’s look at Auburn’s average sales prices as an example. In February 2023, the average sold price for a home in Auburn was $499,233. That’s a whopping $111,153 jump from last year!
Area condos are still moving fast!
Condos continue to move quickly in our local market. As a matter of fact, condos in Lee County and Auburn both sold within 14 days of being listed!
Summary
Finally, these five takeaways from Lee County’s February 2023 Residential Report have us looking forward to what’s ahead this spring for our community! Do you have real estate questions? Connect with Ryan Roberts to start finding answers. For more stats and facts, plus local community news, keep reading our blogs!
