Sales: January home sales in the state decreased 31.8% year-over-year (Y/Y) from 4,886 to 3,331 closed transactions. Following seasonal trends, sales decreased 22.3% from December. Sales are down 26.3% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: January listings (13,805) decreased 0.1% from December but increased 85.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.1 months, up from 3.2 in December and 1.5 in January 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-5 months of supply.
Pricing: The statewide median sales price in January was $233,223, a decrease of 0.7% from December but an increase of 4.9% from one year ago. 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 55 days on the market (DOM), 3 days slower than one year ago.
Forecast: January sales were 202 units, or 6.5%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 3,129 sales for the month while actual sales were 3,331 units.
Click here to view the entire monthly report.
