The Alabama Center for Real Estate (“ACRE”) has released their report on the Birmingham residential real estate market with stats from September 2017. We cover the highlights here.
The total number of houses sold in September declined about 6% versus this time last year. The median sales price was $194,000, which was about a 2% increase versus last year. (The average sales price is skewed by more expensive homes, and was $238,000.)
The average number of days on market — days it takes to get a contract — was 58, which is an 11% decrease versus this time last year. That was slightly below the historical average for September, which has been steadily decreasing since 2010.
This lower days on market reflects the lower inventory (houses available for sale). The total inventory in September decreased 10% versus September of 2016. Inventory has been steadily decreasing for some time now.
At the current pace of sales, there is currently a 5.1 month supply of houses on the market, which is down from 5.4 months in September 2016. ACRE considers the market to be in balance at approximately 6 months.
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