Market Trends has released their report on the Birmingham Real Estate Market for the month of October 2015. We cover the highlights below.
Overall dollar sales were down 3% versus last year, an the moving average has flattened. The total number of houses sold was also down about 3% versus last year (however, the number of used house sales actually increased a bit under 1%).
The number of houses available for sale, or inventory, is about even with last year. At the current sales pace, there is about a 7 month supply of used houses on the market, which is about even with last year’s 8 months at this time.
The average days on market for used houses was 125 in October, or a bit under 4 months. (Remember, Days on Market is the days to get a house under contract — you then add to that a typical 30-60 days for the closing period.)
The average sales price of used homes has increased steadily for the past year.
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