Sales: According to the Greater Alabama MLS, September home sales in the Birmingham area decreased 8.3% year-over-year (Y/Y) from 1,699 to 1,558 closed transactions. Following seasonal trends, sales increased 11.7% from August. Sales are up 13.1% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: September listings (2,962) decreased 3.3% from August and declined 30.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.9 months, up from 1.7 months in August and down from 2.5 months in September 2020. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply
Pricing: The median sales price in September was $270,000, an increase of 5.9% from one year ago and an increase of 3.1% 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 12 days on the market (DOM), 14 days faster than September 2020.
Forecast: September sales were 225 units, or 12.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,783 sales for the month, while actual sales were 1,558 units. ACRE forecast a total of 15,471 sales year-to-date, while there were 14,672 actual sales through September, a difference of 5.2%.
New Construction: The 204 new homes sold represent 13.1% of all residential sales in the Birmingham area in September. Total sales decreased 17.3% year-over-year. The median sales price in September was $310,675, a decrease of 0.9% from August and an increase of 0.6% from one year ago.
Click here to view the entire monthly report.
The Birmingham Metro 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 September 1 – 30, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.