The Alabama Center for Real Estate has released their report on the Birmingham real estate market, with final statistics from December. We cover the highlights here!
Total number of houses sold was up 10% from last year, though well below the recent peak in December 2020. It was on par with sales figures from December 2016.
The median (middle) sales price was down 3% from last year to $289,000, which is still above the average of the past 5 years. Sales prices remain elevated.
The Average sales price was down 2% from last year, at $344,000. It also remains above the 5 year average and shows a similar shape as the median sales price.
The average days on market (days it takes to get a house under contract), was up a big 43% from last year, from 32 to 46 days. This is also well above the 5 year average of 29 days. So as prices remain high, houses are taking longer to sell.
Total inventory (total number of houses available for sale) was up 37% from last year, and is 45% above the past 5 year average. However, the past 5 years have seen a very low inventory. Right now inventory is comparable to December 2017.
At the current pace of sales, there is a 4.7 month supply of houses on the market, compared to 3.7 months last year. This is well above the 5 year average of 2.9 months for this statistic.
Bottom line is that fewer houses are on the market, they are taking longer to sell, but yet prices are not adjusting.
If you have a house to sell, and don’t want to deal with the hassles of this crazy market, contact us at www.CahabaHomeBuyers.com, or call at 205-390-1050. We buy houses throughout the Birmingham area, and would love to see if we can help you out. Good luck!