The Alabama Center for Real Estate has released their report on the Birmingham real estate market, with statistics updated through the end of June. We cover the highlights here.
The total number of houses sold in June slightly decreased versus last year (about 1%). Meanwhile, the median (middle) sales price in June was $219,000, about 5% higher than last year’s $196,000.
The average days on market (days until a house goes under contract) was 45, which was a large decline of 17% versus last year’s 62 days. This means houses are going under contract on average after about 1.5 months (this does not include the post-contract closing and inspection period, which can vary considerably).
The total number of houses available on the market (inventory) was down about 14% versus last year. This is a long-term, continuing trend of declining inventories of houses available for sale.
At the current pace of sales, there is a 3.7 month supply of houses on the market, which is a 13% decline from this time last year.
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