Wiregrass area home sales down 13% year-over-year in October

According to the Wiregrass Board of Realtors, October residential sales decreased 12.7% year-over-year from 118 to 103 closed transactions. Following seasonal trends, sales increased 7.3% from September. Sales are down 17.5% year-to-date. Two more resources to review: Quarterly Report and Annual Report.  

For all of Wiregrass’s housing data, click here.

October listings (266) increased 6.8% from September and increased 22.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.6 months, remaining constant from 2.6 months in September and up from 1.8 months one year ago. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply.

 The area’s median sales price in October was $172,000, a decrease of 11.6% from one year ago, and a decrease of 29.4% from September. 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 October averaged 55 days on the market (DOM), 2 days slower than October 2022.

October sales were 3 units, or 3.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 100 residential sales for the month, and actual sales were 103 units sold. ACRE forecast a total of 1,049 sales in the area year-to-date, while there were 1,036 actual sales through October, a difference of 1.2%.

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.