According to the Greater Alabama MLS, February home sales in the Birmingham area decreased 4.2% year-over-year from 983 to 942 closed transactions. Sales increased 19.8% from January. Sales are up 3.0% year-to-date Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: February listings (3,403) increased 2.9% from January and decreased 13.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.6 months, down from 4.2 months in January and down from 4.0 months in February 2024. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply
Pricing: The median sales price in February was $295,000, an increase of 2.5% from one year ago and an increase of 4.6% from January. 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 53 days on the market, 15 days slower than February 2024.
Forecast: February sales were 11 units, or 1.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 931 sales for the month, while actual sales were 942 units.
New Construction: The 83 new homes sold represent 8.8% of all residential sales in the Birmingham area in February. Total sales decreased 28.4% year-over-year. The median sales price in February was $334,900, an increase of 3.1% from January and an increase of 4.4% 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.
