Sales: According to the Wiregrass Board of Realtors, June residential sales increased 28.6% year-over-year from 112 to 144 closed transactions. Sales increased 38.5% from May, largely as a result of pent-up demand. After the significant gain in June, sales are up 13.3% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Wiregrass’s housing data, click here.
Inventory: Total homes listed for sale in June declined 47% year-over-year from 558 to 296 listings. Months of supply declined from 5.0 to 2.1, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The area’s median sales price in June was $166,000, an increase of 12.9% from one year ago and an increase of 10.3% from May. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Homes sold in June averaged 76 days on the market (DOM), 22 days faster than June 2019.
Forecast: June sales were 27 units or 23.1% above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 117 residential sales for the month, while actual sales were 144 units. ACRE forecast a total of 584 residential sales in the area year-to-date, while there were 654 actual sales through June, a difference of 12%.
Click here to view the entire monthly report.
The Wiregrass Residential Monthly Report is developed in conjunction with the Wiregrass Board of Realtors to better serve area consumers.
Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period June 1 – 30, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the upcoming impact of COVID-19 on the housing market.
