Wiregrass area residential sales improve 4% in March
Wiregrass residential sales in March totaled 47 units representing a 4.4 % improvement from last month and 26 units below the ACRE monthly forecast.
Supply: Wiregrass area housing inventory went down 10.1% from last March to 918 units. The monthly inventory was essentially up 4.1%. For the last 4 years, the monthly inventory has normally increased from February to March by 1.6%. But, the inventory level still remains high with an inventory-to-sales ratio of 19.5 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 were up 4.4% from last month. Sales typically increase from the month of February by 27.9%. Days on Market (DOM) was 191 days, which is 14.4% slower than last March.
Pricing: Median price went up 13% from last March to $139,000. Historically it has been 2.3%. The figure was also 85.3 percent above last month.
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