The Alabama Center For Real Estate has released their latest report on the Birmingham real estate market, with statistics updated through the month of February. We cover the highlights here!
The total number of houses sold increased 6.2% versus February of 2017. Interestingly, when compared to February of 2011 (7 years ago), the increase is 73%!
The median (middle) sales price was right at $200,000, an increase of 13.8% versus $175,000 last year. The average sales price was $222,000, an increase of 3.3% versus last year’s $215,000.
The average days on market (days until a house goes under contract) was 70 days in February, or about 2.5 months. This is a 11.4% decline versus last year’s 79 days.
The total inventory of houses (number of houses on the market) decreased by a sharp 11.7% versus February 2017. Declining inventories has been a continuing trend for some time now.
Based on the current pace of sales, there is a 5.1 month supply of houses on the market, which is a 16.8% decline versus last year’s 6.1 months. Once again, the market is currently “tight” on inventory!
Do you have a house you need to sell quickly? Whether it needs repairs are not, we are interested in buying it. We can close quickly for cash, and we buy “as-is” so no repairs required on your part.
Call us today at 205-390-1050 or fill out our simple form at www.WeBuyBham.com!