The Alabama Center for Real Estate has released their report on the Birmingham real estate market, with statistics updated through the month of March 2019. We cover the highlights here!
The total number of houses sold in March declined about 4% versus last year. Meanwhile, the median (middle) sales price increased almost 13% to $214,000. The average sales price increased by about 10%.
Since the average sales price is skewed by more expensive houses, the smaller increase in average sales price (compared to median) indicates some softening in the higher end market. (The average sales price was $253,000).
It is in only in recent months that we have seen the trend of increasing median sales prices start to stabilize and/or decline slightly.
The average Days on Market (days it takes to get a house under contract) was 50 days, representing a decline of 10 full days from last year. This statistic just continues to drop and drop. This has been a long term trend.
The total inventory of houses declined almost 8% versus last year. This is not surprising given the statistic above about declining days on market, but it would also indicate rising prices, which was not the case this month.
At the current pace of sales, there is a 3.7 month supply of houses on the market. This is a slight decline of about 4% versus last year.
Do you have a house you need to sell without going through the time and hassles required to sell on the market the “conventional” way? Perhaps you are tired of dealing with repairs or bad tenants?
We Buy Houses in the Birmingham area, and if you would like to sell fast, we are interested in speaking with you. You can reach us directly at 205-390-1050 or visit our site at www.WeBuyBham.com. Good luck!