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

Sales: According to the Wiregrass Multiple Listing Service, there were 105 residential sales in the Wiregrass region during April, a 25 percent increase from one year ago. Existing single-family homes accounted for 92 percent of residential sales, while the remaining 8 percent were newly constructed homes. Two more resources to review: Quarterly Report and Annual Report.

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

Forecast: April sales were 19 units higher than the Alabama Center for Real Estate’s (ACRE) monthly forecast of 86 closed transactions.      

Supply: Wiregrass area housing inventory totaled 829 listings in April, an increase of 11.6 percent from one year ago. The Wiregrass region had 72 newly constructed homes listed for sale in April and 757 existing single-family homes listed. Inventory in the region increased 5.7 percent from the previous month.

Demand: April residential sales were up 1.9 percent from the prior month. This rise in sales is not typical, as April sales data from 2013-17 indicate that sales on average decrease from March by 8.2 percent. The average number of days on the market until a listing sold was 140 days, a 6 percent decrease from 149 days on the market one year ago. This statistic has seen much improvement since peaking in April 2012 at 172 days on the market.

Seeking balance: The inventory for sale divided by the current monthly sales volume equals the number of months of supply. Most real estate professionals consider the market to be in balance at approximately 6 months of supply. The inventory-to-sales ratio during April was 7.9 months of housing supply, up from 7.6 months of supply one month ago and down from 8.8 months of supply one year ago. In other words, at the April sales pace it would take 7.9 months to absorb the current inventory for sale.

Pricing: The Wiregrass area median sales price in April was $132,500, a decrease of 11.3 percent from one year ago and a 1.1 percent decrease from the previous month. It should be noted that the differing sample size and seasonal buying patterns 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: Statewide, residential real estate sales continued to show growth during the first quarter of 2018 as they grew 2.4 percent from the first quarter of 2017. Low inventory levels, however, played a large role in driving prices upward. During the first quarter of the year, the statewide median sales price increased 7.1 percent from one year ago. Although good news for sellers, this price growth, combined with rising interest rates, could lead to affordability issues for buyers in today’s markets.

Click here to view more graphs from the Wiregrass Region April 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.