Wiregrass region home sales up for the third consecutive month in August

Sales: According to the Wiregrass Board of Realtors, August residential sales increased 9.6% year-over-year from 125 to 137 closed transactions. Sales decreased 16.5% from July, and after three consecutive months of Y/Y gains, sales are now up 18.6% 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 August declined 47.9% year-over-year from 493 to 257 listings. Months of supply declined from 3.9 to 1.9, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The area’s median sales price in August was $162,000, an increase of 14.9% from one year ago and a decrease of 10.5% from July. 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 August averaged 76 days on the market (DOM), 13 days faster than August 2019.

Forecast: August sales were 27 units, or 24.6%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 110 residential sales for the month, while actual sales were 137 units. ACRE forecast a total of 805 residential sales in the area year-to-date, while there were 955 actual sales through August, a difference of 18.6%.

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 August 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.

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