Sales: April home sales in the Birmingham area decreased 13.6% year-over-year from 1,513 to 1,308 closed transactions. Going against seasonal trends, sales were down 4.8% from March. Sales are now up 0.1% year-to-date, but are likely to moderate amid the economic impact 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 14.2% from 5,213 listings one year ago to 4,473 in April. Months of supply was unchanged from one year ago (3.4), reflecting a seller’s market in the area.
Pricing: The median sales price in April was $245,000, an increase of 9.9% from one year ago and equal to March. This indicator can fluctuate from month to month because of the sampling size of data and seasonal buying patterns. Homes sold in April averaged 29 days on the market (DOM), 19 days faster than April 2019.
Forecast: April sales were 165 units, or 11.2%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,473 sales for the month, while actual sales were 1,308 units. ACRE forecast a total of 4,941 residential sales year-to-date, while there were 4,782 actual sales through April, a difference of 3.2%.
Click here to view the entire monthly report.
The Birmingham Area Residential Monthly Report is developed in connection with the Birmingham Association of Realtors.
Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period April 1 – 30, 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.