Click here to view or print the entire monthly report compliments of the ACRE Corporate Cabinet.

Sales: According to the Wiregrass Multiple Listing Service, the Wiregrass area residential sales totaled 78 units during April, 28 percent above the number recorded during the same period last year. Year-to-date home sales in April were 12 percent higher than the same period last year. Two more resources to review: Quarterly Report and Annual Report.

For all of the Wiregrass area housing data, click here. 

Forecast: April sales were four units or 5 percent above our monthly forecast. The Alabama Center for Real Estate’s (ACRE) year-to-date sales forecast through April projected 275 closed transactions while the actual sales were 274 units, 0.3 percent short of the forecast sales.

Wiregrass year-to-date home sales through April are up 11.8 percent over last year.

Supply: Wiregrass area housing inventory totaled 768 units, a decrease of 21.6 percent from April 2015. Inventory was down 2.5 percent from the prior month. This direction contrasts with historical data that indicates April inventory on average (2011-15) increases from March by 1.5 percent.

The inventory-to-sales ratio during April of 9.8 months of housing supply is down 38.7 percent from the same period last year. Restated, at the April sales pace, it would take 9.8 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during April, so this indicates the continued presence of a buyer’s market.

Demand: April residential sales were 15 percent below the prior month. This direction is consistent with seasonal and local historical data that indicate April sales on average (2011-15) decrease from March by 3.2 percent. The average days on market until a listing sold was 161 days, 1.2 percent faster than April 2015 (163 days).

Pricing: The Wiregrass area median sales price in April was $119,750, an increase of 30 percent from April 2015 ($92,500) and a 5.6 percent rise above the previous month. This direction contrasts with historical seasonal data (2011-15) that reflects the April median sales price on average decreases from March by 2.8 percent. It should be noted that the differing sample size (number of residential sales of the comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss prices, as they will vary from neighborhood to neighborhood.

Industry perspective: “We can partially attribute the sizable gain in April in home-selling optimism both to a correction for last month’s unexpected dip and to typical seasonal strength in housing activity in the spring and summer,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Even after accounting for these factors, continued tight housing supply has led to renewed strength in home price appreciation, making selling a home a more attractive prospect this year in particular. This improved sentiment could provide an extra boost of much-needed supply for the spring selling season.” For the entire report, click here.

There were 78 units sold during April in Wiregrass.

Home sales during April in Wiregrass slipped 15 percent from March.

There were 768 total homes listed for sale during April in Wiregrass.

The median sales price for homes sold in Wiregrass during April was $119,750.

There were 9.8 months of supply on the market in Wiregrass during April.

The average sales price for homes sold during April in Wiregrass was $134,848.

On average, homes sold in Wiregrass during April spent 170 days on the market.

The Wiregrass Residential Monthly Report is developed in conjunction with the Wiregrass Board of Realtors to better serve Wiregrass area consumers.