Sales: According to the Alabama Association of Realtors, September home sales in the state increased 21.9% year-over-year from 5,510 to 6,719 closed transactions. Sales decreased 2.4% from August, and are now up 8.6% year-to-date. As the COVID-19 pandemic continues to unfold, however, declining sales activity remains a possibility in the months ahead. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: Homes listed for sale decreased 33% from 21,373 listings one year ago to 14,329 in September. Months of supply dropped from 3.9 to 2.1, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The statewide median sales price in September was $200,779, an increase of 14.4% from one year ago and a decrease of 1.1% from August. 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 September averaged 76 days on the market (DOM), 6 days faster than one year ago.
Forecast: September sales were 1,195 units or 21.6% above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 5,524 sales for the month, while actual sales were 6,719 units. ACRE forecast a total of 50,711 residential sales year-to-date, while there were 53,584 actual sales through September, a difference of 5.7%.
New Construction: The 958 new homes sold represent 14.3% of all residential sales in the area in September. Total sales increased 20.1% year-over-year, extending the area’s streak of Y/Y gains in new home sales to 15 consecutive months. The median sales price in September was $259,966, a decrease of 3.6% from August and an increase of 4.9% from one year ago.
Click here to view the entire monthly report.
The Alabama Residential Monthly Report is developed in connection with the Alabama 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 September 1 – 30, 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.
