Sales: According to the Greater Alabama MLS, September home sales in the Birmingham area increased 16.9% year-over-year (Y/Y) from 1,453 to 1,699 closed transactions. Residential sales in the area are now up 3.2% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: Homes listed for sale decreased 18.9% year-over-year from 5,268 listings one year ago to 4,273 in September. Months of supply (inventory to sales ratio) decreased from 3.6 months to 2.5, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in September was $255,000, an increase of 17% from one year ago and an increase of 3.2% 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 26 days on the market (DOM), selling 14 days faster than in September 2019.
Forecast: September sales were 270 units, or 18.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,429 sales for the month, while actual sales were 1,699 units. ACRE forecast a total of 12,887 residential sales year-to-date, while there were 12,974 actual sales through September, a difference of 0.7%.
Click here to view the entire monthly report.
The Birmingham Area Residential Monthly Report is developed in connection with the Birmingham 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.