Wiregrass region home sales decrease from one year ago

Sales: According to the Wiregrass Board of Realtors, October residential sales decreased 1.6% year-over-year from 127 to 125 closed transactions. Sales decreased 21.4% from September. Sales are now up 13.7% 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 October declined 37.9% year-over-year from 277 to 172 listings. At the current sales pace, all the active inventory on the market would sell in 1.4 months, up from 1.1 months in September and down from 2.2 months in October 2020. 

Pricing: The area’s median sales price in October was $179,000, an increase of 7.2% from one year ago and a decrease of 5.8% from September. 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 October averaged 48 days on the market (DOM), 28 days faster than October 2020.

Forecast: October sales were 4 units, or 3.0%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 121 residential sales for the month, and actual sales were 125 units sold. ACRE forecast a total of 1,302 sales in the area year-to-date, while there were 1,384 actual sales through October, a difference of 6.3%.

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 October 1 – 30, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.

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