Birmingham Real Estate Update for July 2020
This is a report we like to use to break down month over month and year over year to analyze the market we are in today! This is a good post to keep track of if you are looking to buy or sell in the future. ACRE releases a long report but we try to capture some of the highlights for you and give them a little bit of a summary.
The Alabama Center for Real Estate has released their report on the Birmingham real estate market, with statistics updated through the month of July 2020. We cover the highlights here!
The total number of houses sold this July increased 14% compared to last year. Sales prices have been on the increase as well! The median (middle) sales price increased by about 13% from last year to $250,000.00. The average sales price for July was $257,643.00 which is a 16% increase from last year.
Days on Market (the number of days until a property goes under contract) represented almost -11% change versus last year, down to 34 days. This particular statistic has been steadily declining for quite some time now. It indicates that if your property is in good shape, priced well, and in a good location, it should sell relatively quickly.
Total inventory (the number of houses available for sale declined by 18.1% versus last year. In general, this statistic has also consistently declined for some time. It is down almost 30% below the 5-year average.
At the current pace of sales, there is a 2.5 months supply of houses on the market. This is down from 3.5 in June.
Do you have a house sitting on the market? Or with a condition too bad to list it? Or you just need to sell quickly and confidentially? If so, we are interested in hearing from you. We buy houses throughout the Birmingham area and try to be your one stop shop for all your needs. Call us today at 205-390-1050 or check us out online at www.CahabaHomeBuyers.com.