This report is to keep you informed of the Birmingham real estate market and is generated from the Birmingham Multiple Listing Service: Total sales are down, as are prices, yet there are some positive signs: MLS inventory is moving in the right direction with 12,184 listings in July compared to 13,477 in July 2007. This represents 1,293 fewer listings in MLS now compared to one year ago.
The Year-to-date report shows the average price of Birmingham area homes has dropped 2.6% which is significantly less than what is happening in other markets around the country. It is, however, a buyer's market with many homes to choose from in all price ranges.
YEAR-TO-DATE REPORT (January through July)
2008 Total Sales: 7,909
2007 Total Sales: 10,969
This represents a 28% decrease in total sales
2008 Average Price: $195,314
2007 Average Price: $200,580
This represents a 2.6% decrease in average price
This is a bit of good news...prices have not dropped as much as markets elsewhere
2008 Days on Market: 100* adjusted to exclude new sales
2007 Days on Market: 93* adjusted to exclude new sales 2007
July 2008 Total Sales: 1,207
July 2007 Total Sales: 1,652
This represents a 27% decrease in total sales for this month
July 2008 Average Price: $202,882
June 2007 Average Price: $212,476
This represents a 4.5% decrease in average price for this month
July 2008 Median Price: $165,000
July 2007 Median Price: $169,400
This represents a 2.5% decrease in median price for this month
July 2008 Days on Market: 88* adjusted to exclude new sales
July 2007 Days on Market: 87* adjusted to exclude new sales
July 2008 Inventory: 12,184
July 2007 Inventory: 13,477
YEAR-TO-DATE REGIONAL REPORT:
2008 NORTH Total Sales: 558
2007 NORTH Total Sales: 684
This represents an 18% decrease
2008 SOUTH Total Sales: 3,788
2007 SOUTH Total Sales: 5,405
This represents a 30% decrease
2008 EAST Total Sales: 2,137
2007 EAST Total Sales: 2,984
This represents a 28% decrease
2008 WEST Total Sales: 1,426
2007 WEST Total Sales: 1,896
This represents a 25% decrease
For a full copy of this report, visit my website at www.newhomebham.com or Chris' Let's Talk Birmingham Blog at www.birminghamalrealestateblog.com
These statistics compare total residential sales for July 2008 vs. July 2007 as well as Year-to-Date statistics as compiled by the Birmingham Area Multiple Listing Service, Inc. of the Birmingham Association of REALTORS®.
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.
Associate Broker serving Birmingham Southside, Hoover, Mountain Brook, Homewood, Chelsea, Pelham, and Helena. CRS, ABR, GRI, SRES with 19 years experience.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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