I’d like to discuss Birmingham’s real estate market in detail this week. I’ll start by showing you the market activity through the provided visuals below and then I’ll break it down verbally. Time to draw that curtain! 🙂
In the First Quarter of Birmingham’s real estate market, with respect to year over year comparisons, the number of solds increased by 25.32 percent, days on market increased by 19.42 percent and the average sold price increased by 4.92 percent.
In the Second Quarter of Birmingham’s real estate market, again comparing year over year numbers we find that the number of solds increased by 2.89 percent, days on market decreased by 3.12 percent and averages sold price increased by 7.56 percent.
As far as the individual pricing breakdown we find in the first quarter for 2016 and 2017 500k and higher homes increased by 34.88 percent. Pretty significant change! In the second quarter, that same price point increased by 9.59 percent in 2017. So there was definitely a higher number of solds for both 1st and 2nd quarter in 2017 for homes 500k and higher.
When we review the 400 to 499k bracket we are looking at a tie for the first quarter of 2016 and 2017 with 11 solds each. Moving into the 2nd quarter we see an increase of 33.33 percent of sold in 2017!!
Next, we move on to 300 to 399k and in the 1st quarter of 2016, and 2017 we again, see an even number of homes sold with 11 for each year. In the 2nd quarter, however, we notice a decrease in this price range of 19.05 percent.
Looking at 200 to 299k we see in the 1st quarter there was an increase of 55.55 percent of homes sold in 2017 over 2016! In the second quarter, however, we see a decrease from 25 homes sold to 20 homes sold with a 20 percent decrease for 2017 in this specific price range.
Lastly, we review the 100 to 199k price range and in the 1st quarter there was a slight increase from 4 homes sold in 2016 to 5 homes sold in 2017. In the second quarter, it was dead even with 1 home sold for both 2016 and 2017.
So a very interesting look at Birmingham’s real estate market numbers. If you need clarification, please don’t hesitate to reach out. Oh, and in case you missed it, please take a look at our blog with regard to the Birmingham Farmer’s Market: It’s What The Locals Do.