According to the Greater Alabama MLS, September home sales in the Birmingham area decreased 23.3% year-over-year from 1,397 to 1,072 closed transactions. Following seasonal trends, sales decreased 7.5% from August. Sales are down 18.3% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: September listings (3,814) increased 2.4% from August and increased 5.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.6 months, up from 3.2 months in August and up from 2.6 months in September 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 September was $290,635, a decrease of 0.6% from one year ago and a decrease of 1.5% from August. 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 September averaged 27 days on the market, 6 days slower than September 2022.
Forecast: September sales were 54 units, or 4.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,126 sales for the month, while actual sales were 1,072 units. ACRE forecast a total of 10,535 sales year-to-date, while there were 9,878 actual sales through September, a difference of 6.2%.
New Construction: The 142 new homes sold represent 13.2% of all residential sales in the Birmingham area in September. Total sales decreased 6.0% year-over-year. The median sales price in September was $323,456, an increase of 2.6% from August and a decrease of 23.6% 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.
