Market Trends has released their report on the Birmingham real estate market with final statistics for the month of June 2017. We cover the highlights here.
Sales for June were lower both in number of houses sold (4%) and total dollar sales (5%), compared to last year.
Total inventory (houses available for sale) was down 7% versus last year. Lowering inventory has been a recurring trend for some time now. The low inventory of houses available for sale suggests that it is a good environment for builders.
At the current sales pace of homes, there is a 6 month supply of houses on the market. This is even with last year. (This statistic, much like all real estate statistics, can vary considerably depending on the specific area or neighborhood).
The average days on market for used homes (the days it takes to get a signed contract) was 99 days in June, or about 3 1/2 months. The DOM for used houses has been steadily decreasing.
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