According to the Greater Alabama MLS, October home sales in the Birmingham area increased 16.9% year-over-year from 968 to 1,132 closed transactions. Sales increased 6.6% from September. Sales are up 4.1% year-to-date Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: October listings (4,508) decreased 4.3% from September and increased 14.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.0 months, down from 4.4 months in September and down from 4.1 months in October 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 October was $290,000, down 3.1% from one year ago and a decrease of 3.3% from September. 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 October averaged 35 days on the market, 7 days slower than October 2023.
Forecast: October sales were 128 units, or 12.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,004 sales for the month, while actual sales were 1,132 units. Sales are up 4.1% year-to-date. ACRE forecasted a total of 11,507 home sales year-to-date, while there were 11,290 actual sales through October, a difference of 1.9%.
New Construction: The 157 new homes sold represent 13.9% of all residential sales in the Birmingham area in October. Total sales increased 17.2% year-over-year. The median sales price in October was $359,450, an increase of 3.3% from September and an increase of 6.5% 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.
