According to the Greater Alabama MLS, December home sales in the Birmingham area increased 1.5% year-over-year from 949 to 963 closed transactions. Following seasonal trends, sales increased 5.2% from November. Sales are down 22.0% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: December listings (3,611) decreased 6.7% from November and increased 14.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.7 months, down from 4.2 months in November and up from 3.3 months in December 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 December was $299,000, an increase of 7.9% from one year ago and an increase of 4.5% from November. 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 December averaged 32 days on the market, 4 days slower than December 2022.
Forecast: December sales were 31 units, or 3.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 994 sales for the month, while actual sales were 963 units. ACRE forecast a total of 13,416 sales year-to-date, while there were 12,724 actual sales through December, a difference of 5.3%.
New Construction: The 138 new homes sold represent 14.3% of all residential sales in the Birmingham area in December. Total sales increased 43.8% year-over-year. The median sales price in December was $331,790, an increase of 5.5% from November and a decrease of 13.6% 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.
