According to Tom Brander, a Birmingham area real estate analyst, the Birmingham area is still showing signs of a housing recovery: a bottoming out of prices and improving values, as well as declining inventories, he said.
Inventory levels were down 16% in September, totaling at 9,753 compared to 11,624 from September 2011. It is an encouraging sign to see total inventory levels drop below 10,000, wrote Brander in his blog, tbrander.wordpress.com.
The absorption rate for new homes remained fairly steady with new homes at 6 months supply in September, down from the same time last year at 8 months.
The Average Days on Market for Birmingham new homes for sale decreased to 173 days from 204 days in August. The Average sales price for sold new homes increased to $268,219 from $257,337 in August, another encouraging sign.
A housing recovery is underway nationwide and homeownership is becoming a more appealing prospect for many potential home buyers who have been searching for new Birmingham, AL homes for sale in new golf communities, such as Ross Bridge. With mortgage rates still near historic lows, many buyers who have wanted to reside in a beautiful golf resort community are choosing to take advantage of current market conditions and are purchasing new homes for sale in Birmingham, AL, before prices and/or mortgage rates continue to rise.