ALABAMA REAL ESTATE JOURNAL

Birmingham area home sales continue to rise in October

Sales: According to the Greater Alabama MLS, October home sales in the Birmingham area increased 30.2% year-over-year (Y/Y) from 1,282 to 1,669 closed transactions. Residential sales in the area are now up 5.7% 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 15.8% year-over-year from 5,111 listings one year ago to 4,304 in October. Months of supply (inventory to sales ratio) decreased from 4.0 to 2.6, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The median sales price in October was $245,000, an increase of 16.7% from one year ago and a decrease of 3.9% from September. 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 October averaged 28 days on the market (DOM), 8 days faster than October 2019.

Forecast: October sales were 404 units, or 31.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,265 sales for the month, while actual sales were 1,669 units. ACRE forecast a total of 14,152 residential sales year-to-date, while there were 14,643 actual sales through October, a difference of 3.5%.

New Construction: The 176 new homes sold represent 10.5% of all residential sales in the Birmingham area in October. Total sales increased 2.9% year-over-year. The median sales price in October was $304,385, a decrease of 1.4% from September and an increase of 2.7% from one year ago.

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 October 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.

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