According to the Greater Alabama MLS, November home sales in the Birmingham area decreased 8.3% year-over-year from 998 to 915 closed transactions. Following seasonal trends, sales decreased 5.5% from October. Sales are down 23.4% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: November listings (3,870) decreased 1.9% from October and increased 12.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.2 months, up from 4.1 months in October and up from 3.5 months in November 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 November was $286,165, an increase of 2.2% from one year ago and a decrease of 4.4% from October. 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 November averaged 30 days on the market, 6 days slower than November 2022.
Forecast: November sales were 13 units, or 1.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 928 sales for the month, while actual sales were 915 units. ACRE forecast a total of 12,422 sales year-to-date, while there were 11,761 actual sales through November, a difference of 5.3%.
New Construction: The 113 new homes sold represent 12.3% of all residential sales in the Birmingham area in November. Total sales increased 7.6% year-over-year. The median sales price in November was $351,150, an increase of 4.0% from October and a decrease of 9.6% 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.
