According to the Wiregrass Board of Realtors, October residential sales decreased 12.6% year-over-year from 103 to 90 closed transactions. Following seasonal trends, sales decreased 3.2% from September. Sales are down 0.1% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Wiregrass’s housing data, click here.
Inventory: October listings (429) increased 7.0% from September and increased 61.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.8 months, up from 4.3 months in September 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 October was $198,000, up 15.1% from one year ago, and a decrease of 12.0% 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 70 days on the market (DOM), 15 days slower than in October 2023.
Forecast: October sales were 9 units, or 9.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 99 residential sales for the month, and actual sales were 90 units sold. ACRE forecast a total of 1,032 sales in the area year-to-date, while there were 1,035 actual sales through October, a difference of 0.3%.
New Construction: The 11 new homes sold represented 12.2% of all residential sales in the area in October. Total sales increased 37.5% year-over-year. The median sales price was $362,000, an increase of 13.3% from one year ago and a decrease of 11.7% from September.
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.
