The Alabama Center for Real Estate has released their report on the Birmingham real estate market, with statistics updated through May 2019. We cover the highlights here.
The total number of houses sold in May declined by about 3% when compared to May 2018. However, the number of houses sold was still above the 5-year average (by about 12%).
The median (middle) sales price was $235,000, which represents an increase of just under 7% versus last year. Meanwhile, the average sales price was $282,000, which increased over 8% versus last year. The average number is skewed by houses on the high end of the price spectrum. Since the average rose a bit more than the median this month, this indicates it was a strong month of high-end houses.
The average Days on Market (days until a house goes under contract) was 37, or about 5 weeks. This represents a huge decline from May of 2018, which stood at 47 days. The Days on Market statistic has been steadily decreasing for about 7 years now.
Total inventory (the total number of houses on the market for sale) has also been consistently declining for quite some time. It was down over 6% in May compared to the prior year, and is down over 20% compared to the 5-year average.
Here are a couple charts from the report that show the long term decline in Days on Market and Inventory (number of homes listed):
At the current pace of sales, there is a 3.3 month supply of houses on the market. This is a decline of a bit over 3% versus last May, which stood at 3.4 months supply.
All told, if you have the time, your house is in great shape, and it is priced correctly, now is still a good time to list. However, if you need to sell quickly or if your house is in need of repair and updating, we are interested in hearing from you. We buy houses throughout the Birmingham area. We will buy houses in all types of conditions and price ranges. Call us at 205-390-1050 or fill out our simple form at www.WeBuyBham.com. If you need to sell your house fast, we are interested in hearing from you!