October residential sales in the Wiregrass area slipped 11.3 percent from the same period a year earlier. However, year-to-date through October, closed transactions remain up 11.4 percent.
Supply: Wiregrass area housing inventory went down 3.4% from last October to 940 units. The monthly inventory decreased by 2.4%. For the last 4 years, the monthly inventory has normally increased from September to October, so this is GOOD news! But, the inventory level still remains high with an inventory-to-sales ratio of 14.9 months of supply. Market equilibrium (balance) is considered to be 7 - 8 months of supply.
Demand: Residential sales went up 10.5% from September which is a little better than the historic norm of 6.2%. Days on Market (DOM) went down to 155 days, which is 30.2% faster than last October.
Pricing: Median price went up 22.1% from last October to $149,000. Better than the historic 1.4%.
Mortgage Brokers Association: "....economic growth to be 2.4% in 2014 and 2.7% in 2015"
"historic" = 2008-2012
Infograph courtesy of ACRE
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