Sales: According to the Greater Alabama MLS, January home sales in the Birmingham area decreased 32.8% year-over-year (Y/Y) from 1,071 to 720 closed transactions. Following seasonal trends, sales decreased 24.1% from December. Sales are down 32.8% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: January listings (3,271) increased 3.5% from December and increased 146.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.5 months, up from 3.3 months in December and up from 1.2 months in January 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-5 months of supply
Pricing: The median sales price in January was $262,650, a decrease of 0.1% from one year ago and a decrease of 5.2% 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 34 days on the market (DOM), 13 days slower than January 2021.
Forecast: January sales were 27 units, or 3.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 693 sales for the month, while actual sales were 720 units. ACRE forecast a total of 693 sales year-to-date, while there were 720 actual sales through January, a difference of 3.9%.
New Construction: The 39 new homes sold represent 5.4% of all residential sales in the Birmingham area in January. Total sales decreased 69.8% year-over-year. The median sales price in January was $472,716, an increase of 23.1% from December and an increase of 17.6% 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.
