Sales: According to the Multiple Listing Service of the Wiregrass Board of Realtors, Wiregrass-area home sales totaled 99 units during September, up 8.8% from 91 sales in the same month a year earlier. September sales decreased 20.8% compared to 125 sales in August. Results were 17.3% above the five-year September average of 84 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 September averaged 514 units, a decrease of 22.5% from September 2018’s 663 units and an increase of 4.3% from August 2019’s 493 units. September months of supply totaled 5.2 months, a decrease of 28.7% from 7.3 months in September 2018. September months of supply increased 31.6% from August’s 3.9 months of supply.
Pricing: The Wiregrass-area median sales price in September was $177,200, an increase of 19.7% from one year ago and an increase of 25.7% 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 September spent an average of 85 days on the market (DOM), a decrease of 17.5% from 103 days in September 2018 and a decrease of 4.5% from 89 days in August 2019.
Forecast: September sales were 13 units or 15.1% above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE forecast 86 sales for the month, and actual sales were 99 units. ACRE forecast a total of 821 residential sales in the Wiregrass area year-to-date, while there were 904 actual sales through September.
ACRE’s statewide perspective: Residential sales growth continued in September as total residential sales increased 8.7% year-over-year from 5,069 to 5,510 closed transactions. Year-to-date, sales are up 4.3% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in September increased 7% year-over-year, marking 23 consecutive months of gains. The statewide median sales price is up 4.3% year-to-date. While nationwide inventory levels (active listings) decreased 2.7% year-over-year, Alabama’s residential listings continue to tighten, decreasing 9.7% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and continued into the third quarter of 2019. With low inventory levels, it is not surprising to see homes selling at a slightly quicker pace than one year ago. Homes selling in Alabama during September spent an average of 82 days on the market, a decrease of eight days from September 2018.
NAR’s national perspective: Existing home sales rebounded in September, increasing 7.4% year-over-year from approximately 421,000 closed transactions one year ago to 452,000 currently. The nationwide median existing-home price increased 5.9% in September, marking 91 consecutive months of year-over-year gains. John Smamby, president of the National Association of Realtors, said, “For families on the sidelines thinking about buying a home, current rates are making the climate extremely favorable in markets across the country. These traditionally low rates make it that much easier to qualify for a mortgage, and they also open up various housing selections to buyers everywhere.”
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The Wiregrass Residential Monthly Report is developed in conjunction with the Wiregrass Board of Realtors to better serve its area consumers.
