The Alabama Center for Real Estate has released their latest report on the Birmingham real estate market, with statistics updated through November 2018. We cover the highlights here!
The total number of houses sold (1,224) in November increased almost 7% compared to the same time last year. The median (middle) sales price was right at $200,000, which was an almost 6% increase versus last year’s $189,000. The average sales price was $238,000, also a 6% increase versus last year’s $225,000. (The average number skews higher due to the effect of higher-end homes).
The average days on market (days until a house get a contract) was 47 days, a decrease of 31% versus last year. This number has continued to decline, though when compared to October (last month) there was a slight uptick of 1 day. (This can be due more to seasonal variations with it being the holidays, etc). Note that this does NOT include the closing period (inspections, financing, appraisals, etc.).
Total inventory (the number of houses available for sale) declined over 11% when compared to last year. Declining inventory has also been a long-standing trend that continues (inventory even declined versus last month). If you house is priced well, shows well, and is in good shape, it should sell quickly!
At the current pace of sales, there is a 4.2 month supply of homes on the market. This is a decline of almost 17% versus the same time last year.
If you need to sell a house quickly, or simply don’t want to fool with the hassles of dealing with listing a house on the market, call us at 205-390-1050 or fill out our simple form at www.WeBuyBham.com. We Buy Houses in Birmingham and the surrounding neighborhoods. Call for a free consultation!