Sales: According to the Wiregrass Board of Realtors, January residential sales decreased 19.3% year-over-year from 83 to 67 closed transactions. Following seasonal trends, sales decreased 31.6% from December. Sales are down 19.3% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Wiregrass’s housing data, click here.
Inventory: January listings (175) decreased 22.2% from December and increased 57.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.6 months, up from 2.3 months in December and up from 1.3 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 January was $185,000, a decrease of 7.5% from one year ago and a decrease of 0.3% 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 62 days on the market (DOM), 3 days faster than January 2022.
Forecast: January sales were 8 units, or 10.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 75 residential sales for the month, and actual sales were 67 units sold. ACRE forecast a total of 75 sales in the area year-to-date, while there were 67 actual sales through January, a difference of 10.5%.
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.
