Sales: According to the Multiple Listing Service of the Wiregrass Board of Realtors, Wiregrass-area home sales totaled 45 units during January, down 33.8 percent from 68 sales in the same month a year earlier. January sales also decreased 33.8 percent compared to 68 sales in December. Results were 21.6 percent below the five-year January average of 57 sales. Other resources to review are the Quarterly Report and Annual Report.
For all Wiregrass-area housing data, click here.
Inventory: Homes listed for sale in the Wiregrass area during January averaged 611 units, a decrease of 13.8 percent from January 2018’s 709 units, and a decrease of 1.3 percent from December 2018’s 619 units. January months of supply totaled 13.6 months, an increase of 30.2 percent from January 2018. December’s months of supply increased 49.2 percent from December’s months of supply.
Pricing: The Wiregrass-area median sales price in January was $118,000, a decrease of 1.7 percent from one year ago and a decrease of 1.9 percent from the prior month. 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 January spent an average of 124 days on the market (DOM), an increase of 5.1 percent from 118 days in January 2018 and an increase of 6 percent from 117 days in December.
Forecast: January sales were 21 units, or 31.8 percent, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 66 sales for the month, while actual sales were 45 units. ACRE forecast a total of 1,056 residential sales in the Wiregrass area in 2019, while there were 1,104 sales in 2018.
ACRE’s statewide perspective: After a strong 2018, statewide residential sales in January increased 1.1 percent year-over-year from 3,320 to 3,358 closed transactions. Home price appreciation in the state continued to climb as the median sales price in January increased 5.5 percent year-over-year from $143,152 to $151,015. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 7.4 percent from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during January spent an average of 106 days on the market, an improvement of 10 days from 2018.
NAR’s national perspective: During January, total existing-home sales nationwide declined 9 percent from approximately 313,000 closed transactions one year ago to 285,000 currently. Lawrence Yun, chief economist for the National Association of Realtors, said, “Existing home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low. Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months.”
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.