December home sales in the state increased 16.1% year-over-year from 4,033 to 4,683 closed transactions. Following seasonal trends, sales increased 9.4% from November. Sales are up 3.2% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: December listings (20,520) decreased 3.9% from November but increased 31.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.4 months, up from 5.0 months in November and from 3.9 in December 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 December was $253,229, a decrease of 2.8% from November but an increase of 2.4% 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 December averaged 74 days on the market, 17 days slower than one year ago.
Forecast: December sales were 241 units, or 5.4%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 4,442 sales for the month while actual sales were 4,683 units. ACRE forecast a total of 59,525 home sales year-to-date, while there were 57,925 actual sales through December, a difference of 2.7%.
New Construction: The 867 new homes sold represented 18.5% of all residential sales in the state during December. Sales decreased 0.6% from November and 1.0% from December 2023. The median sales price was $319,866, a decrease of 0.5% from November but an increase of 2.2% from one year ago.
Click here to view the entire monthly report.