March home sales in Alabama decreased 5.3% year-over-year from 5,235 to 4,956 closed transactions. Following seasonal trends, sales increased 18.5% from February. Sales are up 1.1% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: March listings (17,183) increased 4.4% from February and 30.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.5 months, down from 3.9 in February and up from 2.5 in March 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 March was $246,731, a decrease of 0.4% from February and an increase of 2.8% 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 March averaged 62 days on the market, 1 day slower than one year ago.
Forecast: March sales were 258 units, or 4.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 5,214 sales for the month while actual sales were 4,956 units. ACRE forecast a total of 12,129 home sales year-to-date, while there were 12,410 actual sales through March, a difference of 2.3%.
New Construction: The 874 new homes sold represented 17.6% of all residential sales in the state during March. Total sales increased 15.3% from February and increased 3.1% from March 2023. The median sales price was $310,033, a decrease of 8.2% from February and 5.1% from one year ago.
Click here to view the entire monthly report.
