Market Trends has released their monthly report on the Birmingham real estate market, with final statistics for the month of July 2016. We cover the highlights here.
Inventories (the number of houses available for sale) continue to be down, and prices seem to be increasing over the past several months. The total number of houses sold actually decreased versus last July by about 9%.
Total inventory is slightly higher than last month, but it is down 9% versus this time last year. At the current pace of sales for used houses, there is a 7 month supply of houses on the market, versus 8 months at this time last year. (This can vary considerably depending on your specific area).
The average days on market (days until a house gets a contract on it) was 113 for used homes in July, or a bit less than 4 months. The average sales price for used homes was $202,000.
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