What happened in the Birmingham, Alabama real estate market in 2009?
Let's look and see!
The following reports for 2009, 2008 and 2005 are for Residential Sales including all areas of the Greater Birmingham Metropolitan Area.
In 2009 the year started off slow in January with peak sales in May, June and July which is typical to seasonal sales. With total sales numbering 13342 the Median Sold price was $140,000 taking an average of 108 days to sell and typically bringing 95.14% of the list price. The average current Inventory ended up at 11415 that should take 10.26 months to sell.
When we compare that to the previous years numbers you see that there were also seasonal highs and lows but sales were down from the 15357 homes that sold. The Median Sold price declined from $147,000 which in 2008 typically sold in 90 days and usually brought 96.33% of the list price. The Inventory was up at the end of 2008 with an average of 12023 but Month of Inventory showed it should take 9.39 months to sell.
To get a better understanding of the market today it helps to look back a little further to 2005 when total sales = 20873 with the Median Sold price being $153,250 and homes selling in typically 93 days and bringing 98.29% List Price to Sold Price. The average current inventory for that year was 7554 with a projection of 4.34 months to sell this amount of inventory.
Comments (0)Subscribe to CommentsComment