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

Sales: According to the Wiregrass Multiple Listing Service, Wiregrass area residential sales totaled 96 units during June, 6.7 percent above the number recorded during the same period last year. Year-to-date home sales in June were 11.2 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. 

June residential sales in the Wiregrass region rose 6.7 percent over last June.

Forecast: June sales were three units or 3 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s year-to-date sales forecast through June projected 456 closed transactions while the actual sales were 466 units, 2 percent above the forecast sales.

Supply: Wiregrass area housing inventory totaled 806 units, a decrease of 13 percent from June 2015. Inventory was up 1.8 percent from the prior month. This direction contrasts with historical data that indicate June inventory on average (2011-15) decreases from May by 0.6 percent.

The inventory-to-sales ratio during June of 8.4 months of housing supply is down 18.8 percent from the same period last year. Restated, at the June sales pace, it would take 8.4 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during June, so this indicates the continued presence of a buyer’s market.

Demand: June residential sales were unchanged from the prior month. Historical data indicate June sales on average (2011-15) increase from May by 5.3 percent. The average days on market until a listing sold was 169 days, 25.2 percent slower than June 2015 (134 days).

Pricing: The Wiregrass area median sales price in June was $132,000, a decrease of 12.6 percent from June 2015 ($151,000) and a 10.9 percent increase from the previous month. This direction contrasts with historical seasonal data (2011-15) that reflect the June median sales price on average decreases from May by 4.1 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: “Housing activity is gaining strength heading into the summer, with pending home sales rising to a decade high. In addition, new home sales surged to an expansion best, a positive for single-family homebuilding, especially since only a small share of new homes for sale are completed and ready to occupy,” said Fannie Mae Chief Economist Doug Duncan in the organization’s June Economic Outlook. “However, recent pullbacks in construction hiring, likely due to a shortage of skilled workers, could weigh on the outlook for the sector. With little improvement in the current housing supply picture so far, we expect only moderate housing expansion this year.” For the full report, click here.

The average sales price for homes sold in the Wiregrass region during June was $143,526.

On average, homes that sold in the Wiregrass region during June spent 169 days on the market.

Year-to-date home sales through June in the Wiregrass region rose 11 percent over last year.

There were 806 units listed for sale in the Wiregrass region during June.

The median sales price for homes sold in the Wiregrass region during June was $132,000.

There were 8.4 months of housing supply on the market in June in the Wiregrass region.

There were 96 homes sold in the Wiregrass region during June.

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