Birmingham-area home sales up 3% year-over-year in March

According to the Greater Alabama MLS, March home sales in the Birmingham area increased 2.6% year-over-year from 1,155 to 1,185 closed transactions. Following seasonal trends, sales increased 20.6% from February. Two more resources to review: Quarterly Report and Annual Report. For all Birmingham-area housing data, click here.

March listings (4,108) increased 4.8% from February and increased 24.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.5 months, down from 4.0 months in February and up from 2.9 months in March 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply

The median sales price in March was $296,000, an increase of 5.8% from one year ago and an increase of 2.8% from February. 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 March averaged 38 days on the market, 4 days slower than March 2023. Forecast: March sales were 7 units, or 7.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,255 sales for the month, while actual sales were 1,185 units. Sales are down 1.2% year-to-date. ACRE forecasted a total of 2,897 home sales year-to-date, while there were 2,862 actual sales through March, a difference of 1.2%.

The 88 new homes sold represent 9.0% of all residential sales in the Birmingham area in March. Total sales decreased 6.4% year-over-year. The median sales price in March was $327,447, an increase of 2.0% from February and an increase of 3.3% from one year ago