Sales: According to the Greater Alabama MLS, November home sales in the Birmingham area decreased 31.4% year-over-year from 1,454 to 998 closed transactions. Following seasonal trends, sales decreased 10.3% from October. Sales are down 12.5% year-to-date. Two more resources to review: Quarterly Report and Annual Report.

For all Birmingham-area housing data, click here.

Inventory: November listings (3,455) decreased 5.3% from October and increased 36.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.5 months, up from 3.3 months in October and up from 1.7 months in November 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-5 months of supply.

Pricing: The median sales price in November was $280,000, an increase of 1.8% from one year ago and a decrease of 6.4% 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 24 days on the market, 15 days longer than in November 2021.

Forecast: November sales were 390 units, or 28.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,388 sales for the month, while actual sales were 998 units. ACRE forecast a total of 16,686 sales year-to-date, while there were 15,363 actual sales through November, a difference of 7.9%.

New construction: The 105 new homes sold represent 10.5% of all residential sales in the Birmingham area in November. Total sales decreased 40.3% year-over-year. The median sales price in November was $388,490, a decrease of 12.7% from October and an increase of 15.7% 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.