Sales: According to the Greater Alabama MLS, January home sales in the Birmingham area decreased 10.0% year-over-year (Y/Y) from 1,190 to 1,071 closed transactions. Following seasonal trends, sales decreased 31.6% from December. Sales are now down 10.0% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: January listings (1,325) decreased 36.6% from December and declined 59.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.2 months, down from 1.3 months in December and down from 2.7 months in January 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply
Pricing: The median sales price in January was $263,000, an increase of 11.9% from one year ago and a decrease of 3.3% from December. 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 January averaged 21 days on the market (DOM), 5 days faster than January 2021.
Forecast: January sales were 22 units, or 2.0%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,093 sales for the month, while actual sales were 1,071 units. ACRE forecast a total of 1,093 sales year-to-date, while there were 1,071 actual sales through January, a difference of 2.0%.
New Construction: The 129 new homes sold represent 12.0% of all residential sales in the Birmingham area in January. Total sales decreased 12.2% year-over-year. The median sales price in January was $401,900, an increase of 4.6% from December and an increase of 17.0% 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 January 1 – 30, 2022. Thus, the performance represented is historical and should not be used as an indicator of future results.