According to the Greater Alabama MLS, November home sales in the Birmingham area increased 7.1% year-over-year from 915 to 980 closed transactions. Sales decreased 13.4% from October. Sales are up 4.3% year-to-date Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: November listings (5,142) increased 14.1% from October and increased 32.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 5.2 months, up from 4.0 months in October and up from 4.2 months in November 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 November was $305,210, an increase of 6.7% from one year ago and an increase of 5.2% from October. 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 November averaged 38 days on the market, 8 days slower than November 2023.
Forecast: November sales were 14 units, or 1.5%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 966 sales for the month, while actual sales were 980 units. Sales are up 4.3% year-to-date. ACRE forecasted a total of 12,473 home sales year-to-date, while there were 12,270 actual sales through November, a difference of 1.6%.
New Construction: The 192 new homes sold represent 19.6% of all residential sales in the Birmingham area in November. Total sales increased 69.9% year-over-year. The median sales price in November was $353,787, a decrease of 1.6% from October and an increase of 0.8% 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.
