ALABAMA REAL ESTATE JOURNAL

Birmingham-area home sales up 10% year-over-year in December

According to the Greater Alabama MLS, December home sales in the Birmingham area increased 10.1% year-over-year from 963 to 1,060 closed transactions. Sales increased 8.2% from November. Sales are up 4.8% year-to-date Two more resources to review: Quarterly Report and Annual Report. 

For all Birmingham-area housing data, click here. 

Inventory: December listings (4,936) decreased 4.0% from November and increased 36.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.7 months, down from 5.2 months in November and up from 3.7 months in December 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 December was $289,875, a decrease of 3.1% from one year ago and a decrease of 5.0% from November. 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 46 days on the market, 14 days slower than December 2023.  

Forecast: December sales were 92 units, or 9.5%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 968 sales for the month, while actual sales were 1,060 units. Sales are up 4.8% year-to-date. ACRE forecasted a total of 13,441 home sales year-to-date, while there were 13,330 actual sales through December, a difference of 0.8%.    

New Construction: The 111 new homes sold represent 10.5% of all residential sales in the Birmingham area in December. Total sales decreased 19.6% year-over-year. The median sales price in December was $329,900, a decrease of 6.8% from November and a decrease of 0.6% 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. 

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