According to the Wiregrass Board of Realtors, November residential sales increased 10.8% year-over-year from 83 to 92 closed transactions. Following seasonal trends, sales increased 2.2% from October. Sales are down 4.7% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Wiregrass’s housing data, click here.
Inventory: November listings (421) increased 51.4% from October and decreased 1.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.6 months, down from 4.8 months in October and up from 3.3 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 November was $207,450, up 15.3% from one year ago, and an increase of 4.8% from October. 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 November averaged 66 days on the market (DOM), 5 days slower than in November 2023.
Forecast: November sales were 6 units, or 7.0%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 86 residential sales for the month, and actual sales were 92 units sold. ACRE forecast a total of 1,118 sales in the area year-to-date, while there were 1,127 actual sales through November, a difference of 0.8%.
New Construction: The 18 new homes sold represented 9.6% of all residential sales in the area in November. Total sales increased 125.0% year-over-year. The median sales price was $264,450, a decrease of 22.1% from one year ago and a decrease of 26.9% from October.
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.
