The Alabama Center for Real Estate has released their report on the Birmingham real estate market, with statistics updated through the month of April 2020. We cover what you need to know here!
Total sales for April declined 13.5% versus April of 2019. This decline is clearly a result of the Coronavirus. In a time of year where sales are usually ramping up, April sales also declined versus the prior month of March by about 5%.
The median (middle) sales price increased 10% versus last year, while the average sales price increased 1.6%. The fact that the average increased less indicates that prices are relatively softer in the higher-end market (as higher-end sales have a greater effect on the Average number).
The average days on market (or days it takes until a house goes under contract) declined a whopping 40% versus April of last year, and over 19% versus last month. This is very much related to the decline in inventory (or total number of houses listed for sale). The total decline in inventory was over 14% versus April 2019, though curiously it inched up over March 2020 (likely as some people started putting their houses back on the market after it was clear the Coronavirus was not as serious as initially feared).
Anecdotally, we can say that the houses we have listed have sold very fast, with multiple offers. Bear in mind that these houses are fully remodeled, vacant for showings, and move-in ready. If your house is priced well, vacant, and in great showing condition, expect it to sell quickly at the current moment.
At the current pace of sales, there is a 3.4 month supply8 of houses on the market, which is a very slight decline from last year, and a 6% increase from last month.
We are still buying during the Coronavirus! If you have a house that is in need of repairs, or you understandingly do not want to have strangers traipsing through your house, call us at 205-390-1050 or fill out our simple Sell Your House form at www.CahabaHomeBuyers.com. We buy houses throughout the Birmingham Alabama area, and would love to see if we can be of service. Thanks & good luck!