Sales: According to the Wiregrass Board of Realtors, February residential sales increased 21.88% year-over-year from 96 to 117 closed transactions. Following seasonal trends, sales increased 40.96% from January. Sales are now up 7.53% 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 February declined 45.50% year-over-year from 200 to 109 listings. At the current sales pace, all the active inventory on the market would sell in .9 months, down from 1.3 months in January and down from 2.1 months in February 2021.
Pricing: The area’s median sales price in February was $200,000, a 22.79% increase from one year ago and no change from January. 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 February averaged 59 days on the market (DOM), 19 days faster than February 2021.
Forecast: February sales were 13 units, or 12.24%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 04 residential sales for the month, and actual sales were 117 units sold. ACRE forecast a total of 203 sales in the area year-to-date, while there were 200 actual sales through February, a difference of 1.66%.
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 February 1 – 28, 2022. Thus, the performance represented is historical and should not be used as an indicator of future results.