According to the Wiregrass Board of Realtors, June residential sales decreased 23.4% year-over-year from 141 to 108 closed transactions. Contrary to seasonal trends, sales decreased 15.6% from May. Sales are up 8.2% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Wiregrass’s housing data, click here.
Inventory: June listings (311) increased 11.1% from May and increased 69.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.9 months, up from 2.2 months in May 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 June was $240,000, up 9.1% from one year ago, and an increase of 14.3% from May. 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 June averaged 61 days on the market (DOM), 15 days slower than in June 2023.
Forecast: June sales were 16 units, or 12.7%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 124 residential sales for the month, and actual sales were 108 units sold. ACRE forecast a total of 611 sales in the area year-to-date, while there were 634 actual sales through June, a difference of 3.7%.
New Construction: The 44 new homes sold represented 17.1% of all residential sales in the area in June. Total sales increased 22.2% year-over-year. The median sales price was $254,495, a decrease of 6.1% from one year ago and an increase of 9.5% from May.
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.
