Sales: According to the Greater Alabama MLS, March home sales in the Birmingham area decreased 28.7% year-over-year (Y/Y) from 1,619 to 1,155 closed transactions. Following seasonal trends, sales increased 23.0% from February. Sales are down 31.8% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: March listings (3,296) increased 1.1% from February and increased 75.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.9 months, down from 3.5 months in February and up from 1.2 months in March 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 March was $279,900, a decrease of 3.8% from one year ago but an increase of 7.7% 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 34 days on the market (DOM), 10 days slower than March 2022.
Forecast: March sales were 48 units, or 4.0%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,203 sales for the month, while actual sales were 1,155 units. ACRE forecast a total of 2,778 sales year-to-date, while there were 2,814 actual sales through March, a difference of 1.3%.
New Construction: The 94 new homes sold represent 8.1% of all residential sales in the Birmingham area in March. Total sales decreased 55.5% year-over-year. The median sales price in March was $317,075, an increase of 4.2% from February but a decrease of 4.9% 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.
