Sales: According to the Alabama Association of Realtors, September home sales in the state increased 21.9% year-over-year from 5,510 to 6,719 closed transactions. Sales decreased 2.4% from August and are now up 8.6% year-to-date. As the COVID-19 pandemic continues to unfold, however, declining sales activity remains a possibility in the months ahead. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: Homes listed for sale decreased 33% from 21,373 listings one year ago to 14,329 in September. Months of supply dropped from 3.9 months to 2.1, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The statewide median sales price in September was $200,779, an increase of 14.4% from one year ago and a decrease of 1.1% from August. 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 September averaged 76 days on the market (DOM), selling six days faster than one year ago.
Forecast: September sales were 1,195 units or 21.6% above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 5,524 sales for the month, while actual sales were 6,719 units. ACRE forecast a total of 50,711 residential sales year-to-date, while there were 53,584 actual sales through September, a difference of 5.7%.
New construction: The 958 new homes sold represent 14.3% of all residential sales in the state in September. Total sales increased 20.1% year-over-year, extending the area’s streak of Y/Y gains in new home sales to 15 consecutive months. The median sales price in September was $259,966, a decrease of 3.6% from August and an increase of 4.9% from one year ago.
Click here to view the entire monthly report.
The Alabama Residential Monthly Report is developed in connection with the Alabama Association of Realtors.
Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for Sept. 1-30. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the impact of COVID-19 on the housing market.