According to the Wiregrass Board of Realtors, September residential sales decreased 22.6% year-over-year from 124 to 96 closed transactions. Following seasonal trends, sales decreased 27.3% from August. Sales are down 18.0% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Wiregrass’s housing data, click here.
Inventory: September listings (249) increased 9.2% from August and increased 18.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.6 months, up from 1.7 months in August and up from 1.4 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 September was $243,500, an increase of 31.6% from one year ago, and an increase of 16.0% from August. 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 September averaged 35 days on the market (DOM), 8 days faster than September 2022.
Forecast: September sales were 12 units, or 11.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 108 residential sales for the month, and actual sales were 96 units sold. ACRE forecast a total of 949 sales in the area year-to-date, while there were 933 actual sales through September, a difference of 1.7%.
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.
