March home sales in the state decreased 0.3% year-over-year from 4,904 to 4,889 closed transactions. Following seasonal trends, sales increased 24.2% from February. Sales are up less than 0.1% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: March listings (20,028) increased 4.8% from February and increased 18.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.1 months, down from 4.9 months in February and up from 3.4 months in March 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 March was $270,342, an increase of 1.8% from February and an increase of 9.1% 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 March averaged 78 days on the market, 16 days slower than one year ago.
Forecast: March sales were 373 units, or 7.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 5,282 sales for the month while actual sales were 4,889 units. ACRE forecast a total of 12,929 home sales year-to-date, while there were 12,282 actual sales through March, a difference of 5.0%.
New Construction: The 811 new homes sold represented 16.6% of all residential sales in the state during March. Sales increased 10.0% from February and decreased 7.2% from March 2024. The median sales price was $313,267, a decrease of 0.3% from February and an increase of 1.0% from one year ago.
Click here to view the entire monthly report.
