According to the Greater Alabama MLS, April home sales in the Birmingham area increased 14.4% year-over-year from 1,074 to 1,229 closed transactions. Following seasonal trends, sales increased 3.7% from March. Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: April listings (4,379) increased 6.6% from March and increased 26.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.6 months, up from 3.5 months in March and up from 3.2 months in April 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 April was $295,000, consistent from one year ago and a decrease of 0.3% from March. 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 April averaged 34 days on the market, 4 days slower than April 2023.
Forecast: April sales were 32 units, or 2.7%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,197 sales for the month, while actual sales were 1,229 units. Sales are up 5.2% year-to-date. ACRE forecasted a total of 4,094 home sales year-to-date, while there were 4,091 actual sales through April, a difference of 0.1%.
New Construction: The 105 new homes sold represent 8.5% of all residential sales in the Birmingham area in April. Total sales increased 36.4% year-over-year. The median sales price in April was $334,900, an increase of 2.3% from March and a decrease of 8.2% 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.
