Birmingham-area home sales remain elevated in April

Sales: According to the Greater Alabama MLS, April home sales in the Birmingham area increased 35.9% year-over-year (Y/Y) from 1,308 to 1,777 closed transactions, marking 11 consecutive months of Y/Y gains. Following seasonal trends, sales increased 5.5% from March. Sales are now up 23.4% 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 41.4% year-over-year from 4,473 listings one year ago to 3,146 in April. Months of supply (inventory to sales ratio) decreased from 3.4 to 1.8, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The median sales price in April was $260,000, an increase of 6.1% from one year ago and an increase of 0.7% from March. 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 April averaged 17 days on the market (DOM), a record low and 12 days faster than April 2020.

Forecast: April sales were 38 units, or 2.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,739 sales for the month, while actual sales were 1,777 units. ACRE forecast a total of 5,999 sales year-to-date, while there were 5,902 actual sales through April, a difference of 1.6%.

New Construction: The 238 new homes sold represent 13.4% of all residential sales in the Birmingham area in April. Total sales increased 30.1% year-over-year. The median sales price in April was $301,120, a decrease of 3.4% from March and an increase of 0.7% 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 April 1 – 30, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.

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