Wiregrass area residential sales slip 4% in February
Wiregrass residential sales in January totaled 45 units representing a 4.3 % drop from last month and 19 units below the ACRE monthly forecast.
Supply: Wiregrass area housing inventory went down 8.4% from last February to 882 units. The monthly inventory was essentially unchanged at up 0.3%. For the last 4 years, the monthly inventory has normally increased from January to February by 0.5%. But, the inventory level still remains high with an inventory-to-sales ratio of 19.6 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 4.3% from last month. Sales typically decrease from the month of January by 27.1%. Days on Market (DOM) was 145 days, which is 24.5% faster than last February.
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