February home sales in Alabama increased 5.1% year-over-year from 3,982 to 4,184 closed transactions. Following seasonal trends, sales increased 28.0% from January. Sales are up 1.9% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: February listings (16,464) increased 1.9% from January and 25.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.9 months, down from 4.9 in January and up from 3.3 in February 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 February was $247,779, an increase of 2.9% from January and an increase of 5.3% 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 February averaged 67 days on the market, 6 days slower than one year ago.
Forecast: February sales were 461 units, or 12.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 3,723 sales for the month while actual sales were 4,184 units. ACRE forecast a total of 6,915 home sales year-to-date, while there were 7,454 actual sales through February, a difference of 7.8%.
New Construction: The 758 new homes sold represented 18.1% of all residential sales in the state during February. Total sales increased 45.2% from January and increased 35.1% from February 2023. The median sales price was $337,671, an increase of 5.1% from January and 1.3% from one year ago.
Click here to view the entire monthly report.
