Birmingham-area home sales down 4% in March

Sales: According to the Greater Alabama MLS, March home sales in the Birmingham area decreased 3.9% year-over-year (Y/Y) from 1,684 to 1,619 closed transactions. Following seasonal trends, sales increased 42.4% from February. Sales are now down 7.2% year-to-date. Two more resources to review: Quarterly Report and Annual Report.

For all Birmingham-area housing data, click here.

Inventory: March listings (1,882) increased 21.3% from February and declined 39.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.2 months, down from 1.4 months in February and down from 1.8 months in March 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply

Pricing: The median sales price in March was $291,000, an increase of 12.7% from one year ago and an increase of 4.4% from February. 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 March averaged 24 days on the market (DOM), 1 day faster than March 2021. 

Forecast: March sales were 109 units, or 7.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,510 sales for the month, while actual sales were 1,609 units. ACRE forecast a total of 3,843 sales year-to-date, while there were 3,827 actual sales through March, a difference of 0.4%.   

New Construction: The 211 new homes sold represent 13.0% of all residential sales in the Birmingham area in March. Total sales decreased 11.3% year-over-year. The median sales price in March was $333,335, a decrease of 0.4% from February and an increase of 6.9% 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 March 1 – 31, 2022. Thus, the performance represented is historical and should not be used as an indicator of future results.

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