Birmingham Housing Slump???
If you believe, as others, that there is a significant decline in the housing market in Birmingham, or for that matter, any city in Alabama - think again! Recent statistics from the Birmingham Association of Realtors MLS system show that we are almost exactly where we were for last year for exising home sales.
In addition, the average slaes price has inched UP not DOWN. There is a pretty big change in one factor and that is time on market or Days on Market. This number has increased from 91 last year at this time to 111 this year. What this indicates is an oversupply of homes for sale.
Looking at the number of months of inventory confirms this fact. Last year we had slightly over 5 months of available homes for sale. This year it has gone up to 8.5 months of existing supply.
What does this tell us? That we have many homesellers trying to sell their homes without the proper motivation. They aren’t getting married, are not relocating due to job, haven’t gotten divorced, haven’t had triplets, or any of the other TRUE reasons to sell. They are just “testing the market”. If these people would withdraw their homes from the market for a year or so, our market would firm up dramatically.
If you are one of these sellers, why not do everyone a favor?
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Does the Birmingham Association of Realtors publish market statistics for the area and are they available on line?
They sometimes release them to the local press who may or may not print them.