January home sales in the state decreased 1.8% year-over-year from 3,331 to 3,270 closed transactions. Following seasonal trends, sales decreased 19.9% from December. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: January listings (16,153) increased 1.5% from December and 17.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.9 months, up from 3.9 in December and up from 4.1 in January 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The statewide median sales price in January was $240,725, a decrease of 1.9% from December but an increase of 3.2% from one year ago. 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 57 days on the market, 2 days slower than one year ago.
Forecast: January sales were 78 units, or 2.4%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 3,192 sales for the month while actual sales were 3,270 units.
New Construction: The 522 new homes sold represented 16.0% of all residential sales in the state during January. Total sales decreased 40.4% from December but increased 16.8% from January 2023. The median sales price was $321,239, an increase of 2.6% from December but a decrease of 6.1% from one year ago.
Click here to view the entire monthly report.
