The Birmingham Alabama Luxury Home Market has been coming up a lot over the past few weeks based upon statistics from the Birmingham MLS. According to the Birmingham MLS luxury home sales are up. (Let me note for this article, I am classifying luxury properties as those that sell/list for one million or more.)
Sold Properties
Date Range | Number Sold | Average Price | Price Range | Avg. Days on Market | Percent of Asking Price |
Jan-Oct 2006 | 79 | $1,399,314 | $1,000,000 - $2,825,000 | 114 | 95.79% |
Jan-Oct 2007 | 91 | $1,454,272 | $1,000,000 -$3,495,000 | 123 | 94.80% |
According to the chart, 91 million dollar plus homes have sold so far this year. The highest price sell was $3,495,000 and the average million dollar plus home that sold, sold for $1,454,272. Average days on market for the sold luxury homes was 123 days up 9 days from the same time frame in 2006. However, the average sold price is $1,454,272 which is up $54,958 from the same time period last year.
Listed Properties
Date Range | Number Listed | Average Price | Price Range | Avg. Days on Market | Percent of Asking Price |
Jan-Oct 2006 | 240 | $1,573,072 | $1,000,000 - $4,500,000 | | |
Jan-Oct 2007 | 274 | $1,542,861 | $1,000,000 - $4,999,000 | | |
According to the chart, 274 million dollar plus properties have been listed this year. This number is up from 240 properties during the same period last year. Unlike the sold properties though, the average list price is down $30,211. Let me add that even with these numbers being high all of them do not stay on the market. Many are withdrawn or expire and not put back on the market.
Properties Still Active
Date Range | Number Active | Average Price | Price Range | Avg. Days on Market | Percent of Asking Price |
Present: as of 11/19/07 | 166 | $1,696,208 | $1,039,900 - $4,999,000 | 190 | |
According to the chart, there are 166 active million dollar plus properties. The highest price home right now is for $4,999,000. Average active price is $1,696,208. The average days on market for the active properties are 190 days.
* Areas included are Jefferson, Shelby, and St. Clair Counties
* All statistics are accurate as of 11/19/07 according to the Birmingham MLS
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Stephen Wolfe & Jason Secor
Living In Greater Birmingham
Your Guide To Living In Greater Birmingham
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Great recap on the year for luxury homes in your area. Stephen, this is a great post for consumers in your area. I really like the way you compared last year and this year and then gave a current update. EXCELLENT INFORMATION!!