Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period March 1 – 31, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the upcoming impact of COVID-19 on the housing market.
ACRE is posting coronavirus updates and commentary on the WIN, on our media platform exploRE and on our LinkedIn page.
Sales: March home sales in the Birmingham area increased 1.3% year-over-year from 1,357 to 1,1375 closed transactions. Following seasonal trends, sales were up 22.1% from the prior month. Sales are now up 2.9% year-to-date, but are likely to moderate amid growing uncertainty surrounding the spread of COVID-19. Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: Homes listed for sale decreased 10.5% from 4,958 listings one year ago to 4,335 in March. Months of supply dropped from 3.7 to 3.2, reflecting an continued seller’s market in the area.
Pricing: The median sales price in March was $245,000, an increase of 14.5% from one year ago and an increase of 9.9% from the prior month. This indicator can fluctuate from month to month because of the sampling size of data and seasonal buying patterns. Homes sold in March averaged 36 days on the market (DOM), 14 days faster than March 2019.
Forecast: March sales were 54 units, or 3.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,429 sales for the month, while actual sales were 1,375 units. ACRE forecast a total of 3,468 residential sales year-to-date, while there were 3,474 actual sales through March, a difference of 0.2%.
Click here to view the entire monthly report.
The Birmingham Area Residential Monthly Report is developed in connection with the Birmingham Association of Realtors.