Sales: According to the Wiregrass Board of Realtors, December residential sales decreased 20.3% year-over-year from 123 to 98 closed transactions. Following seasonal trends, sales increased 8.9% from November. Sales are down 11.4% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Wiregrass’s housing data, click here.
Inventory: December listings (225) increased 3.7% from November and increased 87.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.3 months, down from 2.4 months in November and up from 1.0 months one year ago. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-6 months of supply.
Pricing: The area’s median sales price in December was $185,500, a decrease of 6.7% from one year ago and an increase of 4.5% from November. 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 December averaged 50 days on the market (DOM), 3 days faster than December 2021.
Forecast: December sales were 8 units, or 9.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 90 residential sales for the month, and actual sales were 98 units sold. ACRE forecast a total of 1,248 sales in the area year-to-date, while there were 1,444 actual sales through December, a difference of 15.7%.
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.