Market Trends has released their report on the Birmingham real estate market for the month of August 2016. We cover the highlights here.
Inventories (houses available for sale) continue to be down, while prices and overall dollar sales seem to be increasing.
The total number of houses sold was up 13% from this time last year. The total number of used houses sold was up 16% from last year.
Total inventory was down almost 10% versus this time last year. At the current sales pace, there is a 6 month supply of used houses on the market, which is less than 8 months last year at this time. As with all real estate, this statistic can vary considerably depending on your specific area and price range.
The average days on market (days it takes to get a house under contract) averaged 111 days in August, or a bit less than 4 months. The average used sales price was $191,624 in August.
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