Sales: According to the Greater Alabama MLS, November home sales in the Birmingham area decreased 0.7% year-over-year (Y/Y) from 1,465 to 1,454 closed transactions. Following seasonal trends, sales increased 2.1% from October. Sales are now up 9% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: November listings (2,533) decreased 9.5% from October and declined 37.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.7 months, down from 2.0 months in October and down from 2.7 months in November 2020. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply
Pricing: The median sales price in November was $275,000, an increase of 13.9% from one year ago and an increase of 1.9% 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 9 days on the market (DOM), 14 days faster than November 2020.
Forecast: November sales were 75 units, or 5.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,529 sales for the month, while actual sales were 1,454 units. ACRE forecast a total of 18,652 sales year-to-date, while there were 17,550 actual sales through November, a difference of 5.9%.
New Construction: The 176 new homes sold represent 12.1% of all residential sales in the Birmingham area in November. Total sales decreased 0.6% year-over-year. The median sales price in November was $402,271, an increase of 4.1% from October and an increase of 10.1% 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 November 1 – 30, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.