Housing sales in the Birmingham area increase 14% year over year, including data on foreclosures.

According to some data from the state of Alabama, home sales in the Birmingham region increased by 14.4% compared to the previous year, rising from 1,074 to 1,229 completed transactions. In line with seasonal patterns, sales also grew by 3.7% compared to the same month in the previous year. If you would like more detailed information about home sales and foreclosure properties in the Birmingham area and throughout the state of Alabama, we recommend consulting the quarterly and annual reports issued by entities such as the MLS.

Inventory: Properties for sale this month (4,379) increased by 6.6% compared to the previous month and by 26.9% compared to the previous year. At the current sales pace, all active inventory would be sold in 3.6 months, slightly more than the 3.5 months in 2023. This makes Alabama, and especially the city of Birmingham, currently a balanced market where buyers and sellers have similar negotiating power, typically with around 6 months of supply.

Prices: The median sale price this past month was $295,000, unchanged from the previous year and 0.3% lower than the previous month. Variations in the number of residential sales each month can cause statistical fluctuations, including in prices. ACRE recommends consulting with a local real estate expert to analyze prices, as they can differ significantly between neighborhoods and various areas of the city.

For example, homes sold in April of this year spent an average of 34 days on the market, 4 days longer than in April 2023.

Forecast: Last month’s sales exceeded the Alabama Center for Real Estate (ACRE) monthly forecast by 32 units, or 2.7%. The entity had forecasted 1,197 sales for the month, but actual sales reached 1,229 units. Year-to-date sales increased by 5.2%. ACRE had also forecasted a total of 4,094 home sales year-to-date, while actual sales were 4,091 through April, a difference of less than 0.1%.

New construction: The 105 new homes sold represented 8.5% of all residential sales in the Birmingham area in the last 30 days. Total sales increased by 36.4% year-over-year. The median sale price for new homes was $334,900, 2.3% higher than the previous month but 8.2% lower than the previous year.

Available foreclosures: 

Birmingham: 150 homes available
Hoover: 75 homes available
Vestavia Hills: 50 homes available.

By Elias DaSilva | September 20, 2024.