The Alabama Center for Real Estate has released their latest report on the Birmingham real estate market, with final statistics through July 2018. We cover the highlights here!
The total number of houses sold in July was 1,434, marking about a 5% increase versus July of last year. The median (middle) sales price was about $218,000, which was over a 9% increase versus last July.
The days on market (days until a property goes under contract) was 44 in July, which was a 23% decrease from 57 days in July 2017. The decline in days on market has been a consistent trend for some now time. This means it is taking the average house about a month and a half to go under contract.
The total inventory of houses (total number of houses on the market for sale) declined almost 13% versus July 2017. This has also been ongoing trend for some time now, and is partly the reason for the increase in median and average sales prices (supply and demand). At the current pace of sales, there is a 4.1 month supply of houses on the market, versus 4.9 months at this time last year.
Do you have a house you need to sell, but don’t want to put up with the hassles and costs of listing it the conventional way? Or does the property require too many repairs to pass an inspection? If so, give us a call at 205-390-1050 or check out our simple Sell Your House form at www.WeBuyBham.com. We Buy Houses throughout Birmingham, and are interested in making you a cash offer.