January home sales in the state increased 6.4% year-over-year from 3,235 to 3,443 closed transactions. Following seasonal trends, sales decreased 26.5% from December. Sales are up 6.4% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: January listings (18,867) decreased 8.1% from December but increased 19.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 5.5 months, up from 4.4 months in December and from 4.9 in January 2024. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The statewide median sales price in January was $259,600, an increase of 2.5% from December and 7.2% 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 January averaged 71 days on the market, 14 days slower than one year ago.
Forecast: January sales were 107 units, or 3.0%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 3,550 sales for the month while actual sales were 3,443 units.
New Construction: The 614 new homes sold represented 17.8% of all residential sales in the state during January. Sales decreased 29.2% from December but increased 17.6% from January 2024. The median sales price was $310,288, a decrease of 3.0% from December and 3.4% from one year ago.
Click here to view the entire monthly report.
