Recently, the Alabama Center of Real Estate (ACRE) announced that home sales are up 8.3% for the state; however, what are the specific numbers for Birmingham?
Home sales in Birmingham increased to 1,187 in July 2013, which is a 24% increase from July of 2012. Although this sounds rather impressive at first glance, a look at home sales for the Birmingham area in this time last year reveals that the number is only relative.
Specifically, July of 2012 the Birmingham area experienced a major drop in home sales. During that month, there were only 960 home sales. In fact, that number was a 4% decrease from July 2011. Therefore, the 24% gain is not nearly as “accurate” in revealing how quickly the Birmingham housing market is recovering as one might think at first glance.
With that being said, the city is definitely making steady progress toward recovery when it comes to residential home sales. There were 1,255 homes sales in May of this year and 1,128 in June. Therefore, the number for July (1,187) is definitely in line with what has been happening over the last few months.
Birmingham Real Estate: July 2012 vs. July 2013
Although comparing July 2012 to 2013 may be deceiving when it comes to home sales, there are still some great comparisons to be made.
For example, the median home price in 2012 was $157,000 in comparison to $190,000 this year, a 21.02% increase. Additionally, homes were on the market 99 days in 2012 with a nine-month supply in 2012. In comparison, homes were only on the market for an average of 75 days and the supply decreased to only seven months.
In conclusion, the Birmingham real estate market is definitely improving; however, the increase in home sales for the area is a bit misleading.
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