Sales: According to the Greater Alabama MLS, May home sales in the Birmingham area decreased 21.5% year-over-year from 1,652 to 1,297 closed transactions. Going against seasonal trends, sales decreased 0.8% from April. Sales are down 5.4% year-to-date, and are likely to decline in the months ahead due to 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 14.6% year-over-year from 5,405 listings one year ago to 4,614 in May. Months of supply (inventory to sales ratio) increased from 3.3 to 3.6, reflecting a market where sellers generally have elevated bargaining power. .
Pricing: The median sales price in May was $244,000, an increase of 3.8% from one year ago and a decrease of 0.4% from April. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Homes sold in May averaged 30 days on the market (DOM), 7 days faster than May 2019.
Forecast: May sales were 352 units, or 21.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,649 sales for the month, while actual sales were 1,297 units. ACRE forecast a total of 6,590 residential sales year-to-date, while there were 6,079 actual sales through May, a difference of 7.8%.
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 May 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.