According to the Wiregrass Board of Realtors, May residential sales increased 18.5% year-over-year from 108 to 128 closed transactions. Contrary to seasonal trends, sales decreased 5.2% from April. Sales are up 18.2% 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 (280) increased 7.3% from April and increased 48.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.2 months, up from 1.9 months in April and up from 1.7 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, remaining constant from one year ago, and an increase of 11.1% 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 72 days on the market (DOM), 17 days slower than in May 2023.
Forecast: May sales were 18 units, or 16.4%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 110 residential sales for the month, and actual sales were 128 units sold. ACRE forecast a total of 488 sales in the area year-to-date, while there were 526 actual sales through May, a difference of 7.8%.
New Construction: The 34 new homes sold represented 12.2% of all residential sales in the area in May. Total sales decreased 24.4% year-over-year. The median sales price was $281,275, a decrease of 12.1% from one year ago and an increase of 0.5% from April.
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.
