Sales: According to the Greater Alabama MLS, July home sales in the Birmingham area increased 14.6% year-over-year (Y/Y) from 1,565 to 1,794 closed transactions. After Y/Y declines in April and May, sales rebounded with gains in June and July. Residential sales in the area are now up 0.4% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: Homes listed for sale decreased 18% year-over-year from 5,552 listings one year ago to 4,553 in July. Months of supply (inventory to sales ratio) decreased from 3.5 to 2.5, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in July was $250,000, an increase of 13.6% from one year ago and an increase of 2% from June. 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 July averaged 30 days on the market (DOM), 4 days faster than July 2019.
Forecast: July sales were 208 units, or 13.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,586 sales for the month, while actual sales were 1,794 units. ACRE forecast a total of 9,869 residential sales year-to-date, while there were 9,614 actual sales through July, a difference of 2.6%.
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 July 1 – 31, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the impact of COVID-19 on the housing market.