Sales: According to the Greater Alabama Multiple Listing Service, Birmingham-area residential sales totaled 1,146 units during November, down 6.4% from 1,224 sales in the same month a year earlier. November sales were down 10.6% compared to 1,282 sales in October. Results were 13% above the five-year November average of 1,015 sales. Two more resources to review: Quarterly Report and Annual Report.

For all Birmingham-area home sales data, click here.

Inventory: Total homes listed for sale in the Birmingham area during November were 4,860 units, a decrease of 6.3% from November 2018’s 5,189 units and a decrease of 4.9% from October 2019’s 5,111 units. November months of supply totaled 4.2 months, unchanged from one year ago. November’s months of supply increased 6.4% from October 2019’s 4 months of supply.

Pricing: The Birmingham-area median sales price in November was $220,292, an increase of 10.2% from one year ago and an increase of 4.9% from the prior month. 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. The average number of days on the market (DOM) for homes sold during November was 33 days, a decrease of 29.8% from 47 days in November 2018 and a decrease of 8.3% from 36 days in October.

Forecast: November sales were 4.6% or 55 units below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,201 sales for the month, and actual sales were 1,146 units. ACRE forecast a total of 15,401 residential sales in the Birmingham area year-to-date, while there were 14,999 actual sales through November.

ACRE’s statewide perspective: Residential sales growth continued in October as total residential sales increased 6.7% year-over-year from 4,883 to 5,211 closed transactions. Year-to-date, sales are up 4.5% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in October increased 10.1% year-over-year, marking 24 consecutive months of gains. The statewide median sales price is up 5.5% year-to-date. While properties listed for sale nationwide decreased 4.3% year-over-year, Alabama’s residential listings continued to tighten, decreasing 10.7% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and continued into the fourth quarter of 2019. With low inventory levels, it is not surprising to see homes selling at a slightly quicker pace than one year ago. Homes selling in Alabama during October spent an average of 88 days on the market, a decrease of eight days from October 2018.

NAR’s national perspective: Existing home sales rebounded in October, increasing 3.8% year-over-year from approximately 446,000 closed transactions one year ago to 463,000 currently. The nationwide median existing-home price increased 6.2% in October, marking 92 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “Historically-low interest rates, continuing job expansion and higher weekly earnings are undoubtedly contributing to these higher numbers. We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory.”

Click here to view the entire monthly report.

The Birmingham Residential Monthly Report is developed in conjunction with the Greater Alabama MLS and the Birmingham Association of Realtors to better serve Birmingham metro-area consumers.