Birmingham Home Sales Continue to Rise

Several reports came out last month with great news for Birmingham—home sales are looking up!  Sales around the Birmingham area continued to rise in March revealing a 6% increase from this time last year and a 7% increase compared to the first quarter of 2012.

Since February 2012, new home sales have grown 24.8% and 18% year-to-date—outperforming the nation which saw an increase of 12.3% in February 2013 from 2012. Across the state, 60% of all Alabama metro areas saw an increase in new home sales this past February, as compared to a year prior in 2012. New home sales in five of the major metro markets represented almost 70% of all statewide new home sales transactions.

Prices also showed signs of positive changes for the Birmingham real estate market. The average sold price in March was up 10% from last year with a 6.4% increase in the median sold price.

Birmingham’s city offerings have lead to an overall growing population. The tight-knit urban neighborhoods offer lots of shopping and entertainment options within walking distance of themselves. Statewide, new construction inventory is up 6% since last February 2012 and home builders in the state are continually increasing production to match demand. New housing starts were up 7.7% in February 2013, compared to the month prior, and 12.4% since 2012.

The number of residents in downtown Birmingham has increased by 23% over the last decade. Since 2012 even office space has increased and various city improvements have been initiated such as the new stadium for minor league baseball team, Birmingham Barons, as well as the green space by the rail corridor.

Sources: Birmingham Association of Realtors, Alabama Center for Real Estate (ACRE), US Census Bureau