According to the Wiregrass Board of Realtors, September residential sales decreased 3.1% year-over-year from 96 to 93 closed transactions. Contrary to seasonal trends, sales increased 2.2% from August. Sales are up 1.3% 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 (401) increased 4.7% from August and increased 61.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.3 months, up from 4.2 months in August and up from 2.6 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 $225,000, down 7.6% from one year ago, and a decrease of 2.2% 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 62 days on the market (DOM), 27 days slower than in September 2023.
Forecast: September sales were 3 units, or 3.2%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 96 residential sales for the month, and actual sales were 93 units sold. ACRE forecast a total of 933 sales in the area year-to-date, while there were 945 actual sales through September, a difference of 1.3%.
New Construction: The 11 new homes sold represented 11.8% of all residential sales in the area in September. Total sales increased 10.0% year-over-year. The median sales price was $409,999, a decrease of 2.3% from one year ago and an increase of 12.3% from August.
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.
