Birmingham Real Estate Update for June 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 June 2020. We cover the highlights here!
The total number of houses sold this June increased 10% compared to last year. Sales prices have been on the increase as well! The median (middle) sales price increased by about 6.5% from last year to $230,000.00. The average sales price for June was $277,207.00 which is a 3% increase from last year.
Days on Market (the number of days until a property goes under contract) represented 0% change versus last year, staying at 30 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 12.1% versus last year. In general, this statistic has also consistently declined for some time. It is down almost 25% below the 5-year average.At the current pace of sales, there is a 2.7 months supply of houses on the market. This is down from 3.6 in May.