According to the Greater Alabama MLS, February home sales in the Birmingham area increased 4.7% year-over-year from 939 to 983 closed transactions. Following seasonal trends, sales increased 41.6% from January. Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: February listings (3,921) increased 4.0% from January and increased 20.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.0 months, down from 5.4 months in January and up from 3.5 months in February 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply
Pricing: The median sales price in February was $287,900, an increase of 10.8% from one year ago and an increase of 3.0% from January. 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 February averaged 38 days on the market, 1 day slower than February 2023.
Forecast: February sales were 72 units, or 7.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 911 sales for the month, while actual sales were 983 units. Sales are up 2.1% year-to-date.
New Construction: The 116 new homes sold represent 11.8% of all residential sales in the Birmingham area in February. Total sales increased 152.2% year-over-year. The median sales price in February was $320,900, an increase of 0.4% from January and an increase of 5.4% 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.
