Wiregrass area residential sales improve 7% in January; median sales price up 9%
Wiregrass residential sales in January totaled 47 units representing a 6.8 % improvement from the same period last year in the number of houses for sale.
Supply: Wiregrass area housing inventory went down 10.1% from last January to 879 units. The monthly inventory increased by 2.7%. For the last 4 years, the monthly inventory has normally increased from December to January by 0.3%. But, the inventory level still remains high with an inventory-to-sales ratio of 18.7 months of supply. Market equilibrium (balance) is considered to be 8 - 9 months of supply so this represents an area where continued improvement would be welcome news..
Demand: Residential sales went down 14.5% from December. Sales typically decrease from the month of December by 13.8 percent.. Days on Market (DOM) went down to 138 days, which is 22% faster than last January.
Pricing: Median price went up 6% from last January to $20,000. Historically it has been 9.1%.
Since Local Markets are just that, “LOCAL”, we highly recommend consulting with a real estate professional to discuss prices as it can, and will, vary from neighborhood to neighborhood.
"historic" = 2009-2013
Infograph courtesy of ACRE