Year-over year comparisons, as well as month-to-month comparisons show steady increase in Birmingham area home sales, up 11% so far this year over 2011. The May unit sales were up 2% from April, a sign of continued improvement.
According to the Birmingham Association of Realtors, home sales increased 21% in May in the year-over-year comparison. May also marked the 11th consecutive month for home sale improvement, as well as the second month in a row to register a double-digit percentage increase in Birmingham compared to the same period of 2011.
Another indication of continuous improvement in the Birmingham real estate market is the 13% rise in the value of metro Birmingham home sales compared to last year.
Analyst, Tom Brander, who covers a larger geographical region than the Realtors group, shows that sales in May of 2011 were at $190.7 million compared to May of this year totaling at $215.9 million. Brander also shows that the average sales price in May 2012 for new Birmingham homes sold was $247,801 up from April which on average sold at $225, 573.
Average Days on Market for new Birmingham homes was at 215 for the month of May compared to April, which was at 233, yet another sign of improvement in this market. Reports show a significant drop in homes on the market, with Brader showing May’s inventory level at 10,212 units in contrast to 13,035 one year ago. Brander also states on his blog, that since the beginning of this year, new home prices have been heading up quite nicely.
As the Alabama Center for Real Estate (ACRE) monthly report indicates, with sales improving, the local Birmingham housing market seems to be gaining strength and moving in the right direction.
Most of the housing statistics, local and statewide, show an Alabama housing market that is gradually improving, which certainly is positive news for the state’s real estate industry.