According to the Wiregrass Board of Realtors, February residential sales decreased 33.7% year-over-year from 104 to 69 closed transactions. Contrary to seasonal trends, sales decreased 2.8% from January. Sales are down 17.6% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Wiregrass’s housing data, click here.
Inventory: February listings (359) decreased 6.3% from January and increased 26.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 5.2 months, down from 5.4 months in January and up from 2.7 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 February was $228,400, up 25.8% from one year ago, and an increase of 7.7% from January. 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 February averaged 74 days on the market (DOM), 12 days slower than in February 2024.
Forecast: February sales were 25 units, or 26.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 94 residential sales for the month, and actual sales were 69 units sold.
New Construction: The 13 new homes sold represented 18.8% of all residential sales in the area in February. Total sales increased 13.5% year-over-year. The median sales price was $368,874, an increase of 14.4% from one year ago and an increase of 31.8% from January.
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.
