Sales: According to the Greater Alabama MLS, May home sales in the Birmingham area increased 0.9% year-over-year (Y/Y) from 1,725 to 1,740 closed transactions. Following seasonal trends, sales increased 4.3% from April. Sales are down 5.1% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: May listings (3,038) increased 0.9% from April and increased 0.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.7 months, down from 1.8 months in April and down from 1.8 months in May 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-6 months of supply
Pricing: The median sales price in May was $308,950, a record high and an increase of 14.5% from one year ago and an increase of 6.5% from April. 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 May averaged 12 days on the market (DOM), 5 days slower than May 2021.
Forecast: May sales were 43 units, or 2.5%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,697 sales for the month, while actual sales were 1,740 units. ACRE forecast a total of 7,126 sales year-to-date, while there were 7,236 actual sales through May, a difference of 1.5%.
New Construction: The 173 new homes sold represent 9.9% of all residential sales in the Birmingham area in May. Total sales decreased 12.2% year-over-year. The median sales price in May was $401,347, an increase of 9.3% from April and an increase of 24.4% 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.