Sales: According to the Multiple Listing Service of the Wiregrass Board of Realtors, Wiregrass-area home sales totaled 75 units during November, down 6.3% from 80 sales in the same month a year earlier. November sales decreased 20.2% compared to 94 sales in October. Results were 5.3% above the five-year November average of 71 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 November averaged 459 units, a decrease of 27.6% from November 2018’s 634 units and a decrease of 4.4% from October 2019’s 480 units. November months of supply totaled 6.1 months, a decrease of 22.8% from 7.9 months in November 2018. November months of supply increased 19.9% from October’s 5.1 months of supply.

Pricing: The Wiregrass-area median sales price in November was $168,400, an increase of 23.8% from one year ago and an increase of 29% 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 November spent an average of 110 days on the market (DOM), an increase of 8.9% from 101 days in November 2018 and an increase of 11.1% from 99 days in October 2019.

Forecast: November sales were two units or 2.6% below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE forecast 77 sales for the month and actual sales were 75 units. ACRE forecast a total of 984 residential sales in the Wiregrass area year-to-date, while there were 1,073 actual sales through November.

ACRE’s statewide perspective: Residential sales growth continued in November but at a slower pace, as total residential sales increased 0.8% year-over-year from 4,598 to 4,635 closed transactions. Year-to-date, sales are up 4.2% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in November increased 9.3% year-over-year, marking 25 consecutive months of gains. The statewide median sales price is up 5.8% year-to-date. While properties listed for sale nationwide decreased 5.7% year-over-year, Alabama’s residential listings continued to tighten, decreasing 10.5% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and continued into the fourth 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 November spent an average of 92 days on the market, a decrease of one day from November 2018.

NAR’s national perspective: Existing-home sales declined slightly in November, decreasing 0.5% year-over-year from approximately 406,000 closed transactions one year ago to 402,000 currently. The nationwide median existing-home price increased 5.4% in November, marking 93 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “Sales will be choppy when inventory levels are low, but the economy is otherwise performing well, with more than 2 million job gains in the past year.” Properties listed for sale nationwide declined 5.7% in November from approximately 1.74 million listings one year ago to 1.64 million currently.

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.