The Alabama Center for Real Estate has released their report on the Birmingham real estate market, with statistics updated through the month of October 2018. We cover the highlights here.
The total number of houses sold in October was 1,250, which was an almost 17% increase versus October of 2017. In addition, when compared to the prior month (September), sales decreased at a rate lower than average (in other words, October sales usually fall off more than they did).
The median (middle) sales price right at $200,000, which was about flat with last year (up 1%). Meanwhile, the average sales price was about $238,000, or an increase of about 3% versus last year.
The days on market (days it takes to get a house under contract) was 46, which was a significant 26% decline versus this time last year. This statistics has continued to decline for some time. If your house shows well and is priced right, you should expect it to sell in about a month and a half.
The total inventory (number of houses available for sale) declined almost 11% versus this time last year. This statistic has also been consistently declining for some time now.
At the current pace of sales, there is a 4.4 month supply of homes on the market. This is a decline of almost 23% versus October of 2017, which stood at 5.7 months.
Despite the low inventory and days on market, you may have a house that needs a lot of fix up, or you may simply not want to bother with the time, expense, and effort in selling your house on the conventional market.
If this sounds like you, call us at 205-390-1050, or tell us about your situation at www.WeBuyBham.com. We Buy Houses in Birmingham and the surrounding neighborhoods. We can close quickly, and you don’t even have to clean up. Call or click to learn more today. Good luck!