According to the Wiregrass Board of Realtors, February residential sales increased 14.3% year-over-year from 67 to 66 closed transactions. Contrary to seasonal trends, sales increased 57.6% from January. Sales are up 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: February listings (284) increased 8.4% from January and increased 62.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.7 months, down from 4.0 months in January and up from 1.9 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 February was $181,500, a decrease of 11.5% from one year ago, and a decrease of 11.2% 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 62 days on the market (DOM), 10 days faster than February 2023.
Forecast: February sales were 1 unit, or 11.8%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 93 residential sales for the month, and actual sales were 104 units sold. ACRE forecast a total of 166 sales in the area year-to-date, while there were 170 actual sales through July, a difference of 2.4%.
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.
