Taking a Look at Birmingham Real Estate Statistics – March 2014

As we move into the thick of spring, it’s time to take a look at the monthly real estate statistics for the Birmingham area market, courtesy of the Alabama Center for Real Estate (ACRE). According to the latest report, homes in Birmingham are worth more than they were a year ago. The median price for a typical home in the Birmingham area cost $162,250, up 8.89 percent from $149,000. The average sales price also increased by 7.61 percent, up to $193,452 from $179,776. As prices have increased, listings and inventory have decreased. There were 7,125 units listed in the area, down from 7,506 listed a year ago. That puts us currently at seven months of supply, down from eight months of supply from March 2013. That is closer to an equilibrium, but still has us in a buyers’ market. There were more sales this year than last year, though; the number of total sales went up by 9.43 percent from March of last year to March 2014. And, homes are taking less time to sell. The days on market figure now stands at 95, which is down 4.04 percent from 99 days on market from last year. Real estate continues to improve. Birmingham area real estate is not as strong as it was before the recession, but then again, few markets are. Rather, the progress we’ve seen so far this year is promising. Home prices should continue to rise, and gradually inventory will decrease to the point where we should enter a sellers’ market before too long, at current rates. If you have any questions about Birmingham real estate, including how to obtain professional property management, contact the professional Alabama property managers from gkhouses.com today.