The Alabama Center for Real Estate has released their report on the Birmingham real estate market, with statistics updated through the month of August 2019. We cover the highlights here!
The total number of houses sold this August increased by 5.7% compared to August of last year. Sales prices have been on the rise as well! The median (middle) sales price increased by about 7.4% from last year to $209,450. The average sales price for August was $269,578, which is a 7.7% increase from last year.
Days on Market (the number of days until a property goes under contract) declined over 23% versus last year, down to 32 days (or about one month). This particular statistic has been steadily declining for quite some time now. It indicates that if your property is in good shape, priced well, and in a good location, it should sell relatively quickly.
Total inventory (the number of houses available for sale declined by about 9% versus last year. In general, this statistic has also consistently declined for some time. (It is down 24% below the 5-year average). At the current pace of sales, there is a 3.4 month supply of houses on the market, a decline of almost 14% versus a 4 month supply at this point last year.
Do you have a house sitting on the market? Or with a condition too bad to list it? Or you just need to sell quickly and confidentially? If so, we are interested in hearing from you. We buy houses throughout the Birmingham area. Call us today at 205-390-1050 or check us out online at www.WeBuyBham.com.