Birmingham real estate market

May 21, 2010 // 3 Comments »

The Birmingham real estate market is showing strong signs of a recovery, although there are a few indications of continued trouble, such as a slight bump in foreclosure rates. According to a May 7, 2010 article in the Birmingham Business Journal, “Home sales across the Birmingham area received a boost in April, according to the Birmingham Realtors Association. Las month, home sales jumped 19 percent year-over-year as Realtors reported 1,061 sales compared to 887 in April 2009. And year-to-date, the total jumped 7 percent to 3,248 homes compared with 3,030 homes the previous year, according to data collected by the association.” The article, written by Crystal Jarvis, continued to say that “The average price of a home sale increased by 4 percent within the past year and the median price is up 3 percent, data shows. However, the average days a home was left on the market jumped to 15 days in April compared to 108 days in April 2009.”

A May 7, 2010 article in the Birmingham News reported the same basic trend for Birmingham homes for sale. According to the piece, “Metro Birmingham home sales jumped 19 percent last month, bolstered by federal tax credits for homebuyers, which expired April 30. The Birmingham Association of Realtors said today that 1,061 homes were sold in April, compared to 887 in April 2009. The average price was $171,992, a 4 percent rise, while the median price was $145,200, up 3 percent.” The article, written by Dawn Kent, continued to say that “The strong results also boosted year-to-date sales. So far this year, metro area home sales total 3,248, a 7 percent improvement from the first four months of 2009. Heavy promotions targeting homebuyers were common in April.”

The one potential trouble spot for Birmingham real estate was a higher rate of foreclosures, as reported by a May 13, 2010 article in the Birmingham Business Journal. The article, composed by Lauren B. Cooper, noted that “Alabama foreclosures rose modestly in April, as the nation saw its first yearly decrease in some time according to a new report. RealtyTrac, a national tracker of foreclosures, said there were 2,411 properties in some form of foreclosures in April in the state, or one foreclosure for every 895 households.”

Posted in Alabama