Click here to view or print the entire monthly report compliments of the Alabama Center for Real Estate Corporate Cabinet. Join the Center mailing list here.

Sales: Alabama home sales totaling 3,577 units during February were an increase of 11 percent from the same month a year ago. Sales for the month continued to trend upward for the state, which bottomed out at 2,376 during February 2010. Sales are 27 percent above the February five-year sales average (2011-15) of 2,817 units. Two more resources to review: Quarterly Report and Annual Report.

Forecast: February sales were 7 percent, or 240 units above our monthly forecast. Alabama Center for Real Estate‘s (ACRE) year-to-date sales forecast through February projected 6,243 closed transactions while the actual sales were 6,627 units, a favorable difference of 6 percent.

Home sales in Alabama rose 11 percent above February 2015 last month.

Supply: The statewide housing inventory during February was 28,146 units, a decrease of 11 percent from February 2015 and 31 percent below the February peak in 2008 (41,005 units). There was 7.9 months of housing supply in February (6 months is considered equilibrium), which represents a favorable drop of 20 percent from February 2015 (9.9 months). February inventory also decreased from January by 1.2 percent. This direction contrasts with historical data that indicates February inventory on average (2011-15) increases from January by 2.2 percent.

Demand: February residential sales increased 17 percent from the prior month. This direction is consistent with historical statewide data indicating that February sales on average (2011-15) increase from January by 14 percent. The average Days on Market until a listing sold was 156 days, down 2.1 percent from last year. Nationally, February sales were 2.2 percent above the same period last year. See more details of how Alabama compares to the broader U.S. market here.

Pricing: The February median sales price increased 5 percent from the same period last year. During February, 52 percent, of local markets experienced price gains from February 2015. Keep in mind that this indicator can fluctuate from month to month due to sampling size of data and seasonal buying patterns. The February median sales price decreased 5 percent from the prior month. This direction contrasts with historical data averages (2011-15) reflecting that the February median sales price increases 2 percent from January.

Seeking Balance: The metro markets in Alabama representing 70 percent of all sales continued to trend toward greater seller bargaining power with 6.7 months of supply. Outside the metro markets, Alabama’s mid-sized markets are reporting 8.7 months of supply, while rural areas are reporting 12.6 months of supply. With that said, there have been significant improvements from inventory peaks experienced during the recession. The supply of “quality” inventory in the past has impacted sales, according to some local professionals with boots on the ground.

Homes sold in Alabama during February sold for an average price of $148,192.

On average, homes sold during February in Alabama spent 156 days on the market.

There were 28,146 homes listed for sale in Alabama during February.

The median sales price for homes sold in Alabama during February was $126,858.

There were 7.9 months of supply on the market in Alabama during February.