February home sales in the state decreased 4.9% year-over-year from 4,140 to 3,938 closed transactions. Following seasonal trends, sales increased 14.0% from January. Sales are up 0.2% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: February listings (19,106) increased 1.2% from January and increased 18.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.9 months, down from 5.5 months in January and up from 3.9 months in February 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 February was $265,473, an increase of 2.4% from January and an increase of 6.5% 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 February averaged 76 days on the market, 8 days slower than one year ago.
Forecast: February sales were 160 units, or 3.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 4,098 sales for the month while actual sales were 3,938 units. ACRE forecast a total of 7,648 home sales year-to-date, while there were 7,393 home sales through February, a difference of 3.3%.
New Construction: The 737 new homes sold represented 18.7% of all residential sales in the state during February. Sales increased 20.0% from January but decreased 2.8% from February 2024. The median sales price was $314,286, an increase of 1.3% from January but a decrease of 6.9% from one year ago.
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