Sales: According to the Wiregrass Board of Realtors, May residential sales decreased 12.2% year-over-year from 123 to 108 closed transactions. Following seasonal trends, sales increased 16.1% from April. Sales are down 27.8% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Wiregrass’s housing data, click here.
Inventory: May listings (188) increased 2.2% from April and increased 45.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.7 months, down from 2.0 in April and up from 0.8 months one year ago. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply.
Pricing: The area’s median sales price in May was $210,000, an increase of 5.1% from one year ago, and no change from April. 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 May averaged 55 days on the market (DOM), 19 days slower than May 2022.
Forecast: May sales were 7 units, or 5.7%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 115 residential sales for the month, and actual sales were 108 units sold. ACRE forecast a total of 488 sales in the area year-to-date, while there were 445 actual sales through May, a difference of 8.9%.
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.
