According to the Wiregrass Board of Realtors, March residential sales increased 10.8% year-over-year from 93 to 103 closed transactions. Contrary to seasonal trends, sales increased 49.3% from February. Sales are down 7.6% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Wiregrass’s housing data, click here.
Inventory: March listings (356) decreased 0.8% from February and increased 31.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.5 months, down from 5.2 months in February and up from 2.9 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 March was $211,900, up 27.7% from one year ago, and a decrease of 7.2% from February. 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 March averaged 87 days on the market (DOM), 18 days slower than in March 2024.
Forecast: March sales were 19 units, or 15.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 122 residential sales for the month, and actual sales were 103 units sold.
New Construction: The 18 new homes sold represented 17.5% of all residential sales in the area in March. Total sales increased 5.9% year-over-year. The median sales price was $286,000, a decrease of 20.3% from one year ago and a decrease of 22.5% from February.
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.
