Alabama Real Estate Market Trends has released their report on the Birmingham real estate market with final statistics for the month of November 2016. We cover the highlights here.
Total dollar sales were up 30% from last year, and the number of houses sold was up 22% from last year. This difference indicates a modest increase in prices versus this time last year.
Total inventory (the number of houses available for sale) was down 11% versus last year. At the current pace of sales, there is a 7 month supply of houses for sale, which is about even with last year. (The supply of used houses specifically is about 6 months, which is less than 7 months last year).
The average days on market (days it takes to get a contract, NOT to actually close on a sale) for used houses was 122, or about 4 months.
Like everything in real estate, all of these figures can vary dramatically depending on your specific neighborhood or area. Overall, the market appears to be healthy.
If you have a house you are trying to sell and it is just sitting on the market, call us at 205-390-1050 or fill out our simple form at www.WeBuyBham.com. We buy houses throughout the Birmingham metro area and have solutions for nearly every situation and property condition. If you simply don’t want to deal with the hassles, cost, and time involved in tradition selling, call us for a quick cash offer.