According to the Wiregrass Board of Realtors, December residential sales increased 30.9% year-over-year from 81 to 106 closed transactions. Following seasonal trends, sales increased 15.2% from November. Sales are up 2.8% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Wiregrass’s housing data, click here.
Inventory: December listings (400) decreased 5.0% from November and increased 46.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.8 months, down from 4.6 months in November and up from 3.4 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 December was $227,500, up 16.7% from one year ago, and an increase of 9.7% from November. 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 December averaged 78 days on the market (DOM), 13 days slower than in December 2023.
Forecast: December sales were 19 units, or 22.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 87 residential sales for the month, and actual sales were 106 units sold. ACRE forecast a total of 1,205 sales in the area year-to-date, while there were 1,233 actual sales through December, a difference of 2.4%.
New Construction: The 20 new homes sold represented 18.9% of all residential sales in the area in December. Total sales increased 100.0% year-over-year. The median sales price was $279,450, a decrease of 29.2% from one year ago and an increase of 5.7% from November.
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.
