Feb
28
January 2008 Home Sales
Posted by under For Buyers, For Sellers, For Realty Professionals, General Information
Brokers Report on January 2008 Home Sales
SUMMARY: Home sales continued to be slow in January compared to one year ago. Upper bracket sales were so few in number last month, the median and average price of solds in MLS dropped (the database indicates 29% fewer homes sold that were valued at $300,000 or above).
You may be interested to know that home sales in January suffered a blow across the state of Alabama. While Birmingham saw an 18% decrease, Huntsville had a 12.7% decrease, Tuscaloosa a 13.3% decrease, Baldwin County a 28% decrease, and Montgomery a 55.6% decrease.
Now for some good news…inventory in the Birmingham Area MLS is moving! Current backlog is the lowest since February 2007. Interest rates are at historic lows. Unemployment is low. Inflation is low. Sellers are motivated. And buyers have lots of houses to choose from in all price ranges. What message does this send? It’s a great time to buy.
These statistics compare residential sales for January 2008 vs. January 2007 as compiled by the Birmingham Area Multiple Listing Service, Inc. of the Birmingham Association of REALTORS®.
TOTAL SOLD
January 2008: 877
January 2007: 1074
Total residential sales are off by 18%.
AVERAGE PRICE
January 2008: $192,152
January 2007: $205,438
Average prices of homes are off by 6.5%.
MEDIAN PRICE
January 2008: $152,500
January 2007: $160,000
Median prices of homes are off by 4.7%.
DAYS ON MARKET:
January 2008: 121
January 2007: 107
RESIDENTIAL INVENTORY IN MLS:
YEAR/MONTH: TOTALS FOR SALE:
2008:
January 11,757* lowest since February 2007
2007:
December 12,642
November 12,979
October 13,438
September 13,560
August 13,582* highest recorded
July 13,477
June 13,294
May 13,183
April 12,895
March 12,524
February 10,840
January 10,330
2006:
December 10,755
November 10,687
October 10,974
September 11,079
August 10,747
July 10,504
June 10,355
May 9,771
April 9,741
March 8,307
February 7,982
January 7,661
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