The Alabama Center for Real Estate has released their report on the Birmingham real estate market, with stats updated through October 2020. We cover the highlights here!
The total number of houses sold increased over 30% compared to the same month last year. Meanwhile, the median (or middle) sales price increased almost 17% to $245,000. The median sales price has been nearly continually increasing since October 2011.
The average sales price, which is skewed by higher priced homes, increased a bit over 15% compared to last year. The average sales price was $289,500.
Days on Market, of the average number of days it takes until a house goes under contract, declined over 22% to 28 days. This statistics has been continually declining for a long time. It indicates that if your house is in good shape and priced correctly, it should sell relatively quickly.
Total inventory, of the number of houses available for sale on the market, declined almost 16% versus the same period last year. Inventory has also been declining for a considerable period of time (10+ years).
Based on the current pace of sales, there is a 2.6 month supply of homes on the market. This is down 35% from last year’s 4.0 months. Once again, this shows that this is a tight market. If your house is in great shape and priced right, it will sell, but on the flip side it will be hard to find a new home!
If you have an unwanted house that you want to sell, and desire to avoid all the hassles of dealing with realtors (repairs, inspections, appraisals, financing contingencies, commissions, closing costs, etc), then call us today at 205-390-1050, or fill out our simple online form at www.CahabaHomebuyers.com.
We buy houses in the Birmingham Alabama area, and would love to see if we are a fit for you. Good luck!