According to the Wiregrass Board of Realtors, May residential sales increased 7.8% year-over-year from 128 to 138 closed transactions. Contrary to seasonal trends, sales increased 29.0% from April. Sales are down 7.2% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Wiregrass’s housing data, click here.
Inventory: May listings (367) increased 2.5% from April and 31.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.7 months, down from 3.3 months in April and up from 2.2 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 May was $218,450, up 4.0% from one year ago, and a decrease of 1.0% from April. 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 May averaged 88 days on the market (DOM), 16 days slower than in May 2024.
Forecast: May sales were 15 units, or 12.5%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 123 residential sales for the month, and actual sales were 138 units sold.
New Construction: The 15 new homes sold represented 11.0% of all residential sales in the area in May. Total sales decreased 16.7% year-over-year. The median sales price was $378,500, an increase of 14.5% from one year ago and an increase of 14.7% from April.
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.
