Sales: According to the Wiregrass Board of Realtors, February residential sales decreased 22.2% year-over-year from 117 to 91 closed transactions. Following seasonal trends, sales increased 35.8% from January. Sales are down 21.0% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Wiregrass’s housing data, click here.
Inventory: February listings (175) decreased 0% from January and increased 60.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.9 months, up from 2.6 months in January and up from 0.9 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 February was $205,000, an increase of 2.5% from one year ago and an increase of 10.8% 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 72 days on the market (DOM), 13 days slower than February 2022.
Forecast: February sales were 8 units, or 9.6%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 83 residential sales for the month, and actual sales were 91 units sold. ACRE forecast a total of 158 sales in the area year-to-date, while there were 158 actual sales through February, a difference of 0%.
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.
