Sales: According to the Greater Alabama MLS, February home sales in the Birmingham area decreased 17.4% year-over-year (Y/Y) from 1,137 to 939 closed transactions. Following seasonal trends, sales increased 30.4% from January. Sales are down 24.9% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: February listings (3,260) decreased 0.3% from January but increased 110.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.5 months, down from 4.5 months in January and up from 1.4 months in February 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-5 months of supply
Pricing: The median sales price in February was $259,900, a decrease of 6.7% from one year ago and a decrease of 1.1% from January. 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 February averaged 37 days on the market (DOM), 17 days slower than February 2022.
Forecast: February sales were 57 units, or 6.5%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 882 sales for the month, while actual sales were 939 units. ACRE forecast a total of 1,575 sales year-to-date, while there were 1,659 actual sales through February, a difference of 5.3%.
New Construction: The 46 new homes sold represent 4.9% of all residential sales in the Birmingham area in February. Total sales decreased 67.1% year-over-year. The median sales price in February was $304,350, a decrease of 35.6% from January and 9.1% 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.