According to the Greater Alabama MLS, January home sales in the Birmingham area decreased 3.6% year-over-year from 720 to 694 closed transactions. Following seasonal trends, sales increased 5.2% from December. Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: January listings (3,771) increased 4.4% from December and increased 15.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 5.4 months, up from 3.7 months in December and up from 4.5 months in January 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 January was $279,650, an increase of 6.4% from one year ago and a decrease of 6.5% from December. 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 January averaged 40 days on the market, 6 days slower than January 2023.
Forecast: January sales were 37 units, or 5.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 731 sales for the month, while actual sales were 694 units.
New Construction: The 61 new homes sold represent 8.8% of all residential sales in the Birmingham area in January. Total sales increased 56.4% year-over-year. The median sales price in January was $319,505, a decrease of 3.7% from December and a decrease of 32.4% 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.
