Market Trends has released their report on the Birmingham real estate market with final statistics from the month of July 2017. We cover the highlights here.
Sales were lower than last year in both total dollar sales (down 5%) and number of houses sold (down 8%). The market is cooling modestly versus last year’s quick pace.
Total inventory (the number of houses available for sale) of used homes was down almost 11% versus last year. At the current pace of sales, there is a 5 month supply of houses on the market, versus 6 months at this time last year.
The average days on market (days until a house goes under contract) for used homes was 102 days, or about 3.5 months.
Given the general robustness of sales and the continuing low inventory levels, average prices are remaining stable.
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