Sales: According to the Greater Alabama MLS, April home sales in the Birmingham area decreased 35.7% year-over-year (Y/Y) from 1,669 to 1,074 closed transactions. Following seasonal trends, sales decreased 7.0% from March. Sales are down 29.3% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: April listings (3,451) increased 4.7% from March and increased 14.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.2 months, up from 2.9 months in March and up from 1.8 months in April 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply
Pricing: The median sales price in April was $295,000, an increase of 1.7% from one year ago and an increase of 5.4% from March. 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 April averaged 30 days on the market (DOM), 15 days slower than April 2022.
Forecast: April sales were 1,074 units, or 13.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,241 sales for the month, while actual sales were 1,074 units. ACRE forecast a total of 4,019 sales year-to-date, while there were 3,888 actual sales through April, a difference of 3.3%.
New Construction: The 77 new homes sold represent 7.2% of all residential sales in the Birmingham area in April. Total sales decreased 55.5% year-over-year. The median sales price in April was $365,000, an increase of 15.1% from March but a decrease of 0.6% 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.
