April, the middle of spring. Life is in full bloom all around us—including the local real estate market! At least, that’s what an overview of Lee County’s April 2023 Residential Report shows us, along with a few interesting market shifts!
Homes are spending more time on the market.
We’ve noticed this trend on the local level for a while now, which gives home buyers a little more breathing room. In Lee County and Opelika, the year-over-year difference for days on the market in April 2023 is 16. That’s 16 more days to find your ideal home!
Auburn homes also spent about 10 more days on the market. Overall, this trend is in the buyers’ favor across the board.
Inventory continues to increase.
More time on the market and more homes to choose from? Buyers, get busy! In April 2022, there were 290 homes listed in Lee County. This April, there were 452 homes listed. That’s an increase of 55.9 percent!
Auburn’s inventory of listed homes increased by 58.2 percent, or 89 more available homes. For Opelika, that figure jumped by 73.5 percent, with 75 more homes available in April 2023.
Average sold prices are lower, for the most part.
It wouldn’t be an overview of Lee County’s April 2023 Residential Report without mentioning this interesting trend. Year-over-year, both Lee County and Auburn experienced a slight decrease in the average sold prices for homes.
More specifically, Lee County decreased by 4.9 percent, or $18,872, while Auburn was about 6.5 percent lower in April 2023 versus April 2022. That equals a difference of $29,667.
On the other hand, Opelika homes saw a bit of an increase this April. In fact, homes sold for about $34,943 more last month than in April 2022.
Auburn condos are a hot commodity!
Sometimes there are exceptions to the rule, and around here, that exception seems to be Auburn condos. Figures show inventory remained low in April 2023 with just 20 total condos listed, 17 of which sold during the month!
Auburn condos continue to fly off the market, spending 14 days on the market in April 2022 and just nine days in April 2023! Plus, the average sold price increased by 15.8 percent, which was a $34,943 jump.
Summary
With an overview of Lee County’s April 2023 Residential Report fresh on your mind, if you’ve been waiting for the right time to buy a home in our area, act now! Contact Ryan Roberts to get started. Meanwhile, keep reading our blogs for more local real estate news and trends.