Wiregrass region home sales up again in May

Sales: According to the Wiregrass Board of Realtors, May residential sales increased 36.5% year-over-year from 104 to 142 closed transactions. Breaking seasonal trends, sales decreased 9.6% from April. Sales are now up 21.8% 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 May declined 57.2% year-over-year from 348 to 149 listings. Months of supply declined from 3.3 to 1.0, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The area’s median sales price in May was $181,500, an increase of 20.6% from one year ago and a decrease of 2.2% from April. 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 May averaged 76 days on the market (DOM), 5 days faster than May 2020.

Forecast: May sales were 3 units, or 1.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 145 residential sales for the month, and actual sales were 142 units sold. ACRE forecast a total of 623 sales in the area year-to-date, while there were 621 actual sales through May, a difference of 0.4%.

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 May 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.

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