Alabama home sales decrease 5% year-over-year in December
By: Stuart Norton
December home sales in Alabama decreased 4.9% year-over-year from 4,289 to 4,081 closed transactions. Following seasonal trends, sales increased 3.7% from November. Sales are down 19.0% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: December listings (15,912) decreased 5.7% from November but increased 15.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.9 months, down from 4.3 in November and up from 3.2 in December 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The statewide median sales price in December was $245,512, a decrease of 0.1% from November but an increase of 4.6% from one year ago. 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 December averaged 57 days on the market, 3 days slower than one year ago.
Forecast: December sales were 508 units, or 11.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 4,589 sales for the month while actual sales were 4,081 units. ACRE forecast a total of 60,372 sales year-to-date while there were 56,767 actual sales through December, a difference of 6.0%.
New Construction: The 876 new homes sold represented 21.5% of all residential sales in the state in December. Total sales increased 29.0% from November and 14.4% from December 2022. The median sales price was $313,052, an increase of 0.8% from November but a decrease of 6.0% from one year ago.
