Market Trends has released their report on the Birmingham housing market for the month of December 2015 as well as the full year. We cover the highlights below.
For starters, below is a charge showing the trend of sales in Birmingham since 2008. The purple line shows the total sales by month (which moves with seasonal trends — up in summer, down in winter, etc). The black line shows the average price of houses, which has steadily increased since the bottom of the market in 2011.
For the full year of 2015, 7% more houses were sold (including 2.9% increase in new houses and a 7.7% in used houses sales). While the total number of houses increased 7%, the total dollar sales increased 11%, indicating that average prices rose during the year.
However, for December, total dollar sales were down 1% versus last year, while the number of houses sold in December increased 5%. This indicates that the overall trend of rising prices in 2015 was reversed in December. Will that trend continue into 2016?
Total inventory – the number of houses available for sale – was slightly below December of 2014. At the current sales pace, there is a 6 month supply of houses on the market, compared to 7 months at this time last year.
The average days on market for used homes was 125 in December, of about 4 months (NOTE: that means days until a contract is agreed on; sales can take months to actually close after the contract date).
The average price of used homes was $173,670.
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