Sales: According to the Wiregrass Board of Realtors, April residential sales decreased 31.6% year-over-year from 136 to 93 closed transactions. Contrary to seasonal trends, sales increased 8.1% from March. Sales are down 31.6% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Wiregrass’s housing data, click here.
Inventory: April listings (184) decreased 5.2% from March and increased 68.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.0 months, down from 2.3 in March and up from 0.8 months one year ago. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The area’s median sales price in April was $210,000, an increase of 1.2% from one year ago and an increase of 1.2% from March. 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 April averaged 67 days on the market (DOM), 28 days slower than April 2022.
Forecast: April sales were 9 units, or 9.2%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 102 residential sales for the month, and actual sales were 93 units sold. ACRE forecast a total of 374 sales in the area year-to-date, while there were 337 actual sales through April, a difference of 9.8%.
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.