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 75 units during September, 15 percent below the number recorded during the same period last year. Year-to-date home sales in September were 4.4 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. 

Year-to-date home sales through September in the Wiregrass rose 4.4 percent over 2015.

Forecast: September sales were three units and 4 percent higher than the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s year-to-date sales forecast through September projected 701 closed transactions, while the actual sales were 705 units, .57 percent above the forecast sales.

Supply: Wiregrass area housing inventory totaled 808 units, a decrease of 7.6 percent from September 2015. Inventory was up 1.4 percent from the prior month. This direction contrasts with historical data that indicate September inventory on average (2011-15) decreases from August by 2.1 percent.

The inventory-to-sales ratio during September of 10.8 months of housing supply is up 8.5 percent from the same period last year. Restated, at the September sales pace, it would take 10.8 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during September, so this indicates the continued presence of a buyer’s market.

Demand: September residential sales were down 12 percent from the prior month. Historical data indicate September sales on average (2011-15) decrease from August by 10.7 percent. The average days on market until a listing sold was 142 days, 13.4 percent faster than September 2015 (164 days).

Pricing: The Wiregrass area median sales price in September was $121,000, an increase of 14 percent from September 2015 ($105,500) and a 3.2 percent decrease from the previous month. This direction is consistent with historical seasonal data (2011-15) that reflect the September median sales price on average decreases from August by 12.6 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: “The decline in the HPSI (Home Purchase Sentiment Index) over the past two months from the survey-high in July of 86.5 adds a note of caution to our moderately positive housing outlook,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Downside changes came in particular from the HPSI components ‘mortgage rate direction’ and ‘good time to buy a house.’ In addition, the starter home tight supply and rising home prices as well as the unsettled political environment are likely giving many consumers a reason to pause or question their home purchase sentiment.” For the full report, click here.

Click here to generate more graphs from the Wiregrass Region September Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply. 

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