According to the Greater Alabama MLS, May home sales in the Birmingham area decreased 2.8% year-over-year from 1,366 to 1,328 closed transactions. Sales increased 8.1% from April. Sales are up 3.1% year-to-date Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: May listings (4,471) increased 2.1% from April and increased 27.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.4 months, down from 3.6 months in April and up from 2.6 months in May 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 May was $308,070, down 1.3% from one year ago and an increase of 4.4% from April. 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 May averaged 30 days on the market, 4 days slower than May 2023.
Forecast: May sales were 44 units, or 3.2%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,372 sales for the month, while actual sales were 1,328 units. Sales are up 3.1% year-to-date. ACRE forecasted a total of 5,466 home sales year-to-date, while there were 5,419 actual sales through May, a difference of 0.9%.
New Construction: The 120 new homes sold represent 9.0% of all residential sales in the Birmingham area in May. Total sales increased 7.1% year-over-year. The median sales price in May was $332,982, a decrease of 0.3% from April and a decrease of 7.2% 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.
The Birmingham Metro Area Residential Monthly Report is developed in connection with the Birmingham Association of Realtors.
