Sales: According to the Greater Alabama MLS, November home sales in the Birmingham area increased 27.8% year-over-year (Y/Y) from 1,146 to 1,465 closed transactions. Residential sales in the area are now up 7.4% 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 17.2% year-over-year from 4,860 listings one year ago to 4,023 in November. Months of supply (inventory to sales ratio) decreased from 4.2 to 2.7, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in November was $241,500, an increase of 9.6% from one year ago and a decrease of 1.4% from October. 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 November averaged 23 days on the market (DOM), 10 days faster than November 2019.
Forecast: November sales were 270 units, or 22.6%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,195 sales for the month, while actual sales were 1,465 units. ACRE forecast a total of 15,347 residential sales year-to-date, while there were 16,108 actual sales through November, a difference of 5%.
New Construction: The 177 new homes sold represent 12.1% of all residential sales in the Birmingham area in November. Total sales increased 14.2% year-over-year. The median sales price in November was $304,970, an increase of 0.2% from October and a decrease of 5.3% 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 November 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.