Sales: According to the Greater Alabama MLS, April home sales in the Birmingham area decreased 6.1% year-over-year (Y/Y) from 1,777 to 1,669 closed transactions. Following seasonal trends, sales increased 3.1% from March. Sales are now down 6.9% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: April listings (3,011) increased 60% from March and declined 4.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.8 months, up from 1.2 months in March and no increase or decrease from April 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply
Pricing: The median sales price in April was $290,000, an increase of 11.5% from one year ago and a decrease of 0.3% 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 15 days on the market (DOM), 2 days faster than April 2021.
Forecast: April sales were 82 units, or 5.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,587 sales for the month, while actual sales were 1,669 units. ACRE forecast a total of 5,429 sales year-to-date, while there were 5,496 actual sales through April, a difference of 1.2%.
New Construction: The 173 new homes sold represent 10.4% of all residential sales in the Birmingham area in April. Total sales decreased 27.3% year-over-year. The median sales price in April was $367,305, an increase of 10.2% from March and an increase of 22% 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.