Over the past year, from February 2017 through February 2018, the city of Birmingham experienced a massive drop in new listings. With just 854 new listings in annualized in February 2018, compared to 1137 one year prior, the city now has approximately 25% fewer new listings actively coming to the market monthly. The average number of homes on the market during February 2018 is only 167, compared to 250 13 months ago. During the same time period, the median sales price increased 8%, from $460,000 to $497,000.
Unsurprisingly, the average number of days on the market for listings in Birmingham is only 45, down from 50 in February 2017. This is a 10% decrease over the past year. Furthermore, the Birmingham market now only has 4.2 months of inventory available., compared to 6.4 months of inventory in February 2017. A market is considered balanced when there is approximately 6 months of inventory. This means that the market is equally balanced between buyers and sellers. This is where the Birmingham Market was 13 month ago. However, now, we are in a sellers’ market, inventory is tight, and homes sell fast.
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