Wiregrass region home sales decrease 8% from one year ago

Sales: According to the Wiregrass Board of Realtors, January residential sales decreased 7.8% year-over-year from 90 to 83 closed transactions. Following seasonal trends, sales decreased 32.5% from December. Sales are now up 7.8% 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 January declined 51.1% year-over-year from 227 to 111 listings. At the current sales pace, all the active inventory on the market would sell in 1.3 months, up from 1.0 months in December and down from 2.5 months in January 2021. 

Pricing: The area’s median sales price in January was $200,000, an increase of 17.7% from one year ago and an increase of 0.6% from December. 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 January averaged 65 days on the market (DOM), 2 days faster than January 2021.

Forecast: January sales were 16 units, or 16.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 99 residential sales for the month, and actual sales were 83 units sold. ACRE forecast a total of 99 sales in the area year-to-date, while there were 83 actual sales through January, a difference of 16.3%.

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 January 1 – 31, 2022. Thus, the performance represented is historical and should not be used as an indicator of future results.

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