Sales: According to the Multiple Listing Service of the Wiregrass Board of Realtors, Wiregrass-area sales totaled 96 units during August, down 5.9 percent from 102 sales in the same month a year earlier. August sales decreased 9.4 percent compared to 106 sales in July. Results were 13.7 percent above the five-year August average of 84 sales. Another resource to review is the Annual Report.

For all Wiregrass-area housing data, click here.

Inventory: Homes listed for sale in the Wiregrass area during August totaled 705 units, a decrease of 5 percent from August 2017’s 742 units, and a decrease of 3.2 percent from July 2018’s 728 units. August months of supply totaled 7.3 months, an increase of 1 percent from July 2017. August’s months of supply also increased from July’s 6.9 months of supply.

Pricing: The Wiregrass-area median sales price in August was $139,000, a decrease of 10.1 percent from one year ago and a decrease of 5.8 percent from the prior month. This direction is consistent with historical data (2013-17) indicating that the August median sales price on average decreases from July by 5.7 percent. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE highly recommends consulting with a local real estate professional to discuss pricing trends, as they will vary from neighborhood to neighborhood. The homes selling in August spent an average of 96 days on the market (DOM), a decrease of 27.3 percent from 132 days in August 2017. However, DOM increased 15.7 percent from 83 days in July.

Forecast: August sales were two units, or 2.04 percent, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 98 sales for the month, while actual sales were 96 units. ACRE forecast a total of 725 residential sales in the Wiregrass area year-to-date, while there were 777 actual sales through August.

ACRE’s statewide perspective:  Residential sales in Alabama continued to grow during the late summer buying months. Total residential sales during July increased 7.9 percent year-over-year from 5,312 to 5,729 closed transactions. Year-to-date through July, statewide residential sales are up 7.1 percent from 33,929 one year ago to 36,354 currently. Home price appreciation in the state also continues its upward trajectory. The median sales price in July increased 5.9 percent from $160,279 to $169,727 while the year-to-date median sales price is up 5.3 percent from 2017. Mirroring national trends, statewide inventory decreased 12.1 percent from one year ago. Low inventory levels were a major factor contributing to rising sales prices during July. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during July spent an average of 86 days on the market, an improvement of 25 days from 2017.

NAR’s national perspective:  During July, nationwide sales volume for existing homes increased 1.8 percent year-over-year from 513,000 to 522,000 closed transactions. According to Lawrence Yun, chief economist for the National Association of Realtors, “Continuous solid gains in home prices have now steadily reduced demand. Led by a notable decrease in closings in the Northeast, existing home sales trailed off again last month, sliding to their slowest pace since February 2016 at 5.21 million (seasonally adjusted annual rate). Too many would-be buyers are either being priced out, or are deciding to postpone their search until more homes in their price range come onto the market.”

Click here to view the entire monthly report.

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