Sales: According to the Wiregrass Board of Realtors, July residential sales increased 59.2% year-over-year from 103 to 164 closed transactions. Sales increased 13.9% from June, and after the significant gain in July, sales are now up 20.3% 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 July declined 37.8% year-over-year from 498 to 310 listings. Months of supply declined from 4.8 to 1.9, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The area’s median sales price in July was $181,036, an increase of 21.5% from one year ago and an increase of 9.1% from June. 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 July averaged 74 days on the market (DOM), 18 days faster than July 2019.
Forecast: July sales were 53 units or 47.8% above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 111 residential sales for the month, while actual sales were 164 units. ACRE forecast a total of 695 residential sales in the area year-to-date, while there were 818 actual sales through July, a difference of 17.7%.
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 July 1 – 31, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the impact of COVID-19 on the housing market.
