Sales: According to the Greater Alabama MLS, May home sales in the Birmingham area decreased 21.5% year-over-year (Y/Y) from 1,740 to 1,366 closed transactions. Following seasonal trends, sales decreased 27.2% from April. 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: May listings (3,495) increased 1.3% from April and increased 15.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.6 months, down from 3.2 months in April and up from 1.7 months in April 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply
Pricing: The median sales price in May was $312,137, an increase of 1.0% from one year ago and an increase of 5.8% from April. 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 May averaged 26 days on the market (DOM), 14 days slower than May 2022.
Forecast: May sales were 13 units, or 1.0%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,353 sales for the month, while actual sales were 1,366 units. ACRE forecast a total of 5,372 sales year-to-date, while there were 5,254 actual sales through May, a difference of 2.2%.
New Construction: The 112 new homes sold represent 8.2% of all residential sales in the Birmingham area in May. Total sales increased 45.5% year-over-year. The median sales price in May was $359,900, a decrease of 1.4% from April and a decrease of 10.3% 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.
