According to the Wiregrass Board of Realtors, August residential sales increased 24.2% year-over-year from 91 to 113 closed transactions, sales decreased 16.3% from July. Sales are down 0.7% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Wiregrass’s housing data, click here.
Inventory: August listings (422) increased 6.0% from July and 10.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.7 months, up from 2.9 months in July, and down from 4.2 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 August was $220,000, a decrease of 4.4% from one year ago, and a decrease of 7.6% from July. 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 August averaged 67 days on the market (DOM), 14 days slower than in August 2024.
Forecast: August sales were 14 units, or 10.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 127 residential sales for the month, and actual sales were 113 units sold.
New Construction: The 10 new homes sold represented 8.8% of all residential sales in the area in August. Total sales decreased by 9.1% year-over-year. The median sales price was $316,625, a decrease of 13.3% from July and a decrease of 22.8% year-over-year.
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.
