Top 5 Most Improved Markets
The Alabama Center for Real Estate created the following rankings based on year-over-year (YoY) growth in total residential sales during March.
- 1. Phenix City 32.6 percent
- 2. Calhoun County 27.8 percent
- 3. Athens 16.1 percent
- 4. Decatur 15 percent
- 5. Lake Martin Area 12.1 percent
Alabama 0.02 percent
United States -7.8 percent
Phenix City: According to the East Alabama Board of Realtors, the Phenix City area’s total residential sales increased 32.6 percent year-over-year (YoY) from 95 to 126 closed transactions. The March median sales price increased 4.1 percent YoY from $159,000 to $165,450, and increased 8.8 percent from last month. Dollar volume also increased 37.4 percent from $16.4 million one year ago to $22.5 million in March, extending the area’s streak of year-over-year dollar volume gains to 9 months. Mirroring statewide trends, inventory decreased 14.3 percent from 476 residential listings one year ago to 408 in March. However, the average days on market (DOM) increased from 106 to 112, a 5.7 percent increase from last year. Lastly, months of supply decreased 35.4 percent from 5.0 to 3.2 months of supply, reflecting a seller’s market in the area.
Calhoun County: The Calhoun County area experienced a 27.8 percent increase YoY in total sales in March, increasing from 133 to 170 closed transactions. The March median sales price decreased 10.4 percent YoY from $129,900 to $116,450, but year-to-date median prices in the area are up 0.9 percent from 2018. Dollar volume increased 25.7 percent YoY, increasing from $17.3 million to $21.8 million. Mirroring statewide trends, Calhoun County saw a 12.9 percent YoY decrease in inventory, extending the streak to 7 straight months of inventory declines. In addition, the average days on market (DOM) saw major improvement, decreasing 19.1 percent from 110 to 89.
Athens: Thanks in part to a strong new construction market and growing regional economy, the Athens area experienced a 16.1 percent increase YoY in total sales in March, increasing from 143 to 166 closed transactions. The March median sales price increased 1.1 percent, improving from $209,900 to $212,262. The area also experienced a significant increase in dollar volume, rising from $32.1 million one year ago to $39.9 million currently, a gain of 24.48 percent. Consistent with statewide trends, Athens’s inventory decreased 26.1 percent YoY, extending the streak of inventory declines to 44 consecutive months. Athens also experienced a decrease in average days on market (DOM) in March from 73 to 70, a 4.1 percent decrease.
Decatur: Decatur is one of ACRE’s 5 markets to watch in 2019. Decatur’s total residential sales increased 15 percent YoY from 133 to 153 closed transactions. The March median sales price increased 15.9 percent from $138,000 to $160,000. Dollar Volume increased 29.17 percent from $20.2 million one year ago to $26.1 million in March. In line with statewide trends, inventory in the area continues to decrease with a trend of 51 consecutive months of year-over-year inventory declines. Similar to other markets in the north Alabama region, the total number of homes listed for sale in March declined 28.7 percent from 505 one year ago to 360 currently. The Decatur area currently has 2.4 months of supply, reflecting a seller’s market in the area.
Lake Martin Area: Lake Martin residential real estate saw an increase of 12.1 percent in total sales YoY from 58 to 65 closed transactions. Lake Martin’s March median sales price increased 26.2 percent YoY, improving from $214,000 to $157,000. Dollar volume increased 16 percent YoY, seeing gains from $20.2 million to 23.4 million. Inventory went against the statewide trend, and went from 408 to 552 a 35.29 percent increase YoY. The average number of days on market increased from 127 to 152, a 19.7 percent increase, which also goes against the statewide trend of 27 consecutive months of declining days on market.
CCIM 4Q19/1Q20 CRE Insights Report