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 88 units during March, 4 percent below the number recorded during the same month the previous year. March 2016 home sales totaled 92 units. Two more resources to review: Quarterly Report and Annual Report.

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

Forecast: March sales were two units and 2 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2017 sales forecast through March projected 218 closed transactions, while the actual sales were 231 units.

Supply: Wiregrass area housing inventory totaled 708 units, a decrease of 10 percent from March 2016. Inventory was down 0.4 percent from the prior month. This direction contrasts with historical data that indicate March inventory on average (2012-16) increases from February by 3 percent.

The inventory-to-sales ratio during March of 8 months of housing supply was down 6 percent from the same period a year earlier. Restated, at the March sales pace, it would take 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 March.

Demand: March residential sales were up 21 percent from the prior month. Historical data indicate March sales on average (2012-16) increase from February by 31 percent. The average days on the market until a listing sold was 153 days, faster than March 2016’s 170 days.

Pricing: The Wiregrass area median sales price in March was $117,000, an increase of 3 percent from March 2016 ($113,450) and a 19 percent increase from the previous month. This direction is consistent with historical seasonal data (2012-16) that reflect the March median sales price on average increases from February by 19 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: “Our economic forecast remains in a conservative holding pattern as we await word on the particulars of the new Administration’s plans for fiscal stimulus,” said Fannie Mae Chief Economist Doug Duncan. “In the meantime, economic sentiment from most industry stakeholders continues to reach new heights: consumers, as demonstrated by our National Housing Survey, are more positive than at any time since the survey’s inception in 2010 about the direction of the economy, while homebuilders’ optimism remains near an 11-year high. Tight inventory remains a boon to home prices and Americans’ net worth, but it also continues to price out many would-be first-time homebuyers. However, our research suggests that aging millennials, now boasting higher real wages, are beginning to narrow the homeownership attainment gap.”

Click here to generate more graphs from the Wiregrass Region March 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.