According to the Wiregrass Board of Realtors, April residential sales increased 45.2% year-over-year from 93 to 135 closed transactions. Contrary to seasonal trends, sales increased 45.2% from March. Sales are up 18.1% 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 (261) decreased 3.3% from March and increased 41.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.9 months, down from 2.9 months in March and down from 2.0 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 April was $189,000, a decrease of 10.0% from one year ago, and an increase of 13.9% 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), consistent from April 2023.
Forecast: April sales were 31 units, or 29.5%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 104 residential sales for the month, and actual sales were 135 units sold. ACRE forecast a total of 378 sales in the area year-to-date, while there were 398 actual sales through April, a difference of 5.4%.
New Construction: The 35 new homes sold represented 14.1% of all residential sales in the area in April. Total sales increased 25.0% year-over-year. The median sales price was $280,000, an increase of 4.3% from one year ago and a decrease of 0.8% from March.
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.
