According to the Wiregrass Board of Realtors, July residential sales increased 6.7% year-over-year from 119 to 127 closed transactions. Contrary to seasonal trends, sales increased 17.6% from June. Sales are up 7.9% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Wiregrass’s housing data, click here.
Inventory: July listings (346) increased 11.3% from June and increased 69.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.7 months, down from 2.9 months in June and up from 1.7 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 July was $239,000, up 6.2% from one year ago, and a decrease of 0.4% from June. 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 July averaged 58 days on the market (DOM), 9 days slower than in July 2023.
Forecast: July sales were 13 units, or 11.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 114 residential sales for the month, and actual sales were 127 units sold. ACRE forecast a total of 726 sales in the area year-to-date, while there were 761 actual sales through July, a difference of 4.9%.
New Construction: The 39 new homes sold represented 13.3% of all residential sales in the area in July. Total sales increased 25.9% year-over-year. The median sales price was $286,750, an increase of 5.1% from one year ago and an increase of 12.7% from June.
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.
