Market Trends has released their report on the Birmingham Real Estate Market with final statistics from the month of February 2017. We cover the highlights here.
Total dollar sales in February continued to increase versus last year (up 5%), while the number of houses sold decreased slightly from last year (down 3%). This difference indicates a slight rise in average prices.
Total inventory (the number of houses available for sale on the market) continues to decline versus the prior year. As always, this figure is highly area and neighborhood specific. At the current pace of sales, there is a 5 month supply of used homes on the market (in other words, it would take 5 months to clear the inventory if no other houses came on the market). This is less than the 6 months of inventory at this time last year.
The average days on market (average days to get under contract) for used homes in February was 125 days, or about 4 months. If your buyer is buying with a bank loan, it typically takes an additional 4-8 weeks beyond that for them to close on the sale/purchase.
All in all, the Birmingham real estate market appears to remain healthy.
Do you have a house you need to sell? Is it sitting on the market with no offers? Or do you want to avoid altogether the hassle, costs, and time involved with selling the conventional way?
We buy houses in Birmingham, as-is, on the date of your choice. Call or text us at 205-390-1050 or visit our site at www.WeBuyBham.com. We buy houses in any condition and any price range.