The Alabama Center for Real Estate has released their report on the Birmingham real estate market with final statistics through February 2019. We cover the highlights here!
The number of houses sold in February increased a slight 4% versus the number of houses sold during February 2018. The median (middle) sales price was $195,500, which was a decline of just over 2% versus last year. Meanwhile, the average sales price of $236,800 increased nearly 5% versus last year. This discrepancy (declining median, increasing average) is likely due to relatively larger declines in prices in the lower half of the price range. They don’t break out the statistics that way, and it would be interesting to see that done. I say this because, anecdotally, the market for higher end homes has been softening.
Days on market (the number of days until a house goes under contract) declined almost 25% versus this time last year. It is amazing how this statistic has continually declined month after month for so long. The average days on market was 53 days, or just under two months.
Total inventory (the number of houses available for sale) declined 8.5% versus this time last year. This statistic has also been on a general decline for a considerable amount of time at this point. Based on the current pace of sales and inventory, there is a 4.4 month supply of houses on the market. This is down 12% from last year.
If your house is in great shape, you have no strict time deadline, and you are able to price your house reasonably, now is a great time to list on the MLS. However, if you would like to sell your house As-Is, close quickly, or simply not deal with the hassles of repairs, inspectors, and contractors, call us at 205-390-1050 or learn more at www.WeBuyBham.com. Good luck!