What is really happening in the Birmingham Real Estate Market? Is it as bad as we hear on TV every night? I am submitting to you that, NO! it is not.
I recently came upon a report done by our local MLS which shows the trends of the Birmingham Area Market since 1994. In other words, it has context to go along with the data.
I have recreated here a chart with the given data to show what is really happening in our local market.
| Year | Homes Sold | Avg. Sales Price |
| 1994 | 8,459 | $122,419 |
| 1995 | 8,486 | $125,766 |
| 1996 | 9,245 | $133,689 |
| 1997 | 9,325 | $139,672 |
| 1998 | 10,204 | $147,801 |
| 1999 | 10,771 | $150,007 |
| 2000 | 10,333 | $151,167 |
| 2001 | 10,694 | $159,030 |
| 2002 | 11,723 | $161,428 |
| 2003 | 13,715 | $166,091 |
| 2004 | 15,048 | $180,433 |
| 2005 | 16,715 | $192,706 |
| 2006 | 18,482 | $198,127 |
| 2007 | 15,122* | $199,300* |
* Indicates data through October of 2007
Let me note that it appears as though sales are way down this year, but we are anticipating 17,500 homes being sold for the year based on current trends.
As you can see from the chart this would bring our second best year ever, and if the sales price remains the same it would be the highest sales price ever. Now, for all those disgruntled home sellers out there, I know you may not be seeing this directly right now, but also note that this increase is the smallest once on the chart, so you may not be seeing it correlate with the increased cost of living.
So what does this mean for home sellers and home buyers out there? For home buyers, you can still get a home at a great price. For home sellers, homes are selling in the Birmingham Real Estate Market! We promise they are, due to the almost 40% increase in inventory you may not be seeing it as fast as the past sold. Average days on market is up this year.
The Birmingham Alabama Real Estate Market is still doing well, and this is just another reason why it is a good place to be.
____________________________________________________________________________________________________________
Stephen Wolfe & Jason Secor
Living In Greater Birmingham
Your Guide To Living In Greater Birmingham
;)
Links;)
Archives
Good consumer information, Stephen. I'm working on the same data for my area because I think it is really important for sellers to understand the market.