Broker Report on May 2009 HOME SALES
Some encouraging news…Birmingham area home sales in 2009 continue to increase each month!
January 564
February 725
March 854
April 887
May 959
Some more encouraging news…median prices have increased each month, indicating that a wider price range of homes are now being sold in the Birmingham Area MLS. Fewer foreclosures each month may also be having an effect. Note that average prices are also on the increase (February was higher than March & April):
Jan Average Price: $151,584 Jan Median Price: $129,900
Feb Average Price: 171,062 Feb Median Price: $130,000
Mar Average Price: $160,929 Mar Median Price: $138,000
Apr Average Price: $165,540 Apr Median Price: $141,000
May Average Price: $185,713 May Median Price: $156,000
Foreclosure sales were down in May: The 278 foreclosures sold in May represented only 29% of the total. The 305 foreclosure sales in April represented 38% of the total. This compares to 40% of the total in March and 39% of the total in February and 45% of the total for January.
The average foreclosure price was higher in May at $80,376. This compares with the average foreclosure price in April which was $76,085, the March foreclosure price of $66,959, the February foreclosure price of $78,044, and the January foreclosure price of $75,697.
When comparing May 2009 sales with May 2008, sales were down by 25% but the average price in May 2009 was only 9.5% behind the average one year ago and the median price was down only 9.5% from last year. In previous months the average price has been as much as 15% to 21% behind the same reporting period from the previous year.
May Home Sales Numbers:
MAY 2009 MAY 2008
Total Traditional (Non-Foreclosure Sales): 681
Total Foreclosure Sales: 278
TOTAL Residential Sales: 959 1,277
Average Sales Price, Non-Foreclosure Sales: $228,714
Average Sales Price, Total Foreclosure Sales: $ 80,376
Average Sales Price, Total Residential Sales: $185,713 $205,371
Median Price, Total Residential Sales: $156,000 $172,400
Days on Market: 109 100
Inventory 10,782 12,458
YEAR-TO-DATE HOME SALES REPORT
2009 Total Sales: 3,989
2008 Total Sales: 5,449
This represents a 27% decrease
2009 Average Price: $166,965
2008 Average Price: $193,562
This represents a 14% decrease
2009 Median Price: $139,000
2008 Median Price: $158,600
This represents a 12% decrease
2009 Days on Market: 112* adjusted to exclude new sales
2008 Days on Market: 105* adjusted to exclude new sales
POSITIVE FACTS
Mortgage rates remain at record lows; the lowest since the 1950’s.
Home affordability is at the highest in Alabama in 16 years: The Alabama Center for Real Estate, ACRE, calculates that affordability is better as a result of falling interest rates, a drop in median home prices and an increase in median income for Alabama residents. For details go to:http://acre.cba.ua.edu/affordability_index.php
The First Time Homebuyers Tax Credit Can Be Used on Closing Costs: FHA-approved lenders have received the go-ahead from HUD to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront. FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent. The loans can't be used to cover the minimum 3.5 percent. This means buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home, but would still have to come up with the minimum 3.5 percent downpayment (information source: www.realtor.org).
The statistics in this report compare total residential sales as compiled by the Birmingham Area Multiple Listing Service, Inc. of the Birmingham Association of Realtors®.
These statistics cover the 4-county area of Jefferson, Shelby, Blount and St. Clair counties.
Neither the Birmingham Association of Realtors® nor its MLS guarantees or is in any way responsible for its accuracy. Any market data maintained by the Association or its MLS does not necessarily include information on listings not published at the request of the seller, listings of brokers who are not members of the Association or MLS, unlisted properties, rental properties, etc.
Many thanks to the Birmingham Association of Realtors for the great support, information, educational training and data reports that they provide. The Birmingham Alabama Metro Area is a great place to live, work and play!
Debbie Hutchins a Certified Residential Specialist has been a licensed Realtor since 1987. Serving the Greater Birmingham Area and specializing in Shelby County Debbie is available to assist you with your real estate needs. We hope you have enjoyed reading and hope you will come back! You may also subscribe to "debs doodles" and have it delivered to your email! And as always, you are welcome to search the MLS through Debbie's Re/Max website. All phone calls are welcome! You can reach Debbie via her cell phone at 205-368-2474
All data contained within is deemed correct however, RE/MAX First Choice and/or its Sales Associates are not responsible for errors and/or omissions. Prices are subject to change without notice.
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