The Alabama Center for Real Estate has released their report on the Birmingham real estate market with statistics updated through March 2020. We cover the highlights here!
This is the first monthly update from ACRE incorporating results from the coronavirus lockdown.
The total number of houses sold in the month increased 1.3% versus March of 2019. In February this statistic was a 4.8% increase versus 2019, so while sales did increase this does indicate a drop in sales (especially since we are entering the spring season).
The median (or middle) sales price increased 14.5% versus March of 2019, while the average sales price was up 11.6%. Average prices are skewed by higher-end houses, so the fact the average increase was small indicates some softening in the higher end segment.
The days on market – days it takes to get a house under contract – continued to decline. It was down 28% versus last year, down to 36 days. So if your house is in great shape, shows well, and is priced correctly, it should get a contract within a little over a month.
Total inventory, or the total number of houses listed for sale, declined 10.5% versus last year. This statistic has continually declined for a very long time at this point. At the current pace of sales, there is an estimated 3.2 months of inventory for sale on the market (down 11.7% versus last year).
So while we have seen some softening in the total number of sales, inventory remains low and houses continue to sell quickly. This is consistent with what we have gathered anecdotally both with our own experience and with other people we keep up with in the market.
If you have a house you need to sell, and don’t want to deal with listing it on the market (including having people come into your house while showing), call us at 205-390-1050, or fill out our simple form at www.WeBuyBham.com (soon to be www.CahabaHomeBuyers.com). We buy houses throughout the Birmingham area in as-is condition, and can close quickly!