The Alabama Center for Real Estate has released their report on the Birmingham real estate market with stats updated through February 2020. We cover the highlights for you here!
Total sales (number of houses) increased almost 5% in February when compared to the prior year. This statistic is up over 15% when compared to the prior 5-year average.
The median (middle) sales price was $223,000 in February, which is up 14% versus February 2019. The average price, which is skewed by higher end homes, was $262,000. It is up almost 11% versus last year. Since the average is up a bit less than the median, this indicates some slight softening in the market for more expensive houses, relatively speaking.
The average days on market (days it takes to get a house under contract) was 42 days, which is down 21% versus the same period last year, though very slightly up versus January 2020 (up by 1 day).
Total inventory, or the number of houses available for sale on the market, was down over 10% versus February of 2019. At the current pace of sales, there is a 3.8 month supply of houses on the market, which is down over 14% versus last year.
Do you have a house you are interested in selling without the hassle of listing on the market? Or just interested in a quick sale? We are interested in speaking with you. We Buy Houses throughout the Birmingham, Alabama area. You can reach us directly at 205-390-1050, or contact us at www.CahabahomeBuyers.com.