Birmingham, AL Area 1st Quarter Home Sales Report

Tom Horn — Thu, 05 May 2011 17:05:30 +0000

The Birmingham Area MLS recently released it first quarter sales figures and I have compiled a 1st Quarter Home Sales Report. The figures encompass the entire Birmingham Metro Area. In future posts I will break the numbers down for various locations that I am most active in, but for now I thought I would give you a more broad picture of the Birmingham Metro area.

The total number of sales for the 1st Quarter of 2011 is down by 12% compared to 2010. This was not unexpected as the market continues to adjust to current economic conditions. Home buyer confidence is still low for the first quarter of the year, however this may start changing as we enter the Spring, when home sales are historically higher. The average sales price has increased and the median price has decreased, but only by 1.1%. Of the two statistics, the median is generally a more reliable measure because it is not effected as much by the highs and lows. The average price could give you a false sense of positive direction for the Birmingham area, but when you compare the median figures it will bring you a more realistic picture.

Both the number of foreclosure sales and non-foreclosure sales decreased from 2010 to 2011. This supports the decrease of total sales, with non-foreclosures showing more of a decline. The percent of foreclosure sales to total sales increased from 38% in 2010 to 41% in 2011. The last figures indicate that the average price of both non-foreclosures and foreclosures increased. The data above is based on figures provided by the Birmingham Multiple Listing Service.

What do you thing of these numbers? Was it what you expected?

If you have any real estate appraisal related questions you can call me at 205.243.9304, email me, or connect with me on facebook.

Birmingham Alabama MLS Adds Square Foot Option to Listings

Tom Horn — Thu, 29 Jul 2010 18:48:56 +0000

The Birmingham Alabama MLS (Multiple Listing Service) has recently added an option for Realtors to list GLA (gross living area) for their listings. The new feature will go live on August 2, 2010. Realtors are given an option of entering GLA data obtained from an appraiser, building plans, or tax records.

The first two sources are reliable, however tax records can be tricky in our area. I have found that tax records are most accurate with one level homes that are either on a slab, crawlspace, or that may have some unfinished basement. It is less accurate with homes that have a second story and/or finished area in the basement. These areas are difficult to determine without going into the home. To complicate matters, the county is not notified of some improvements, making their records potentially inaccurate.

If a previous appraisal or plans are not available I suggest the realtor obtain the services of a qualified appraiser to measure their listing so they can present the most accurate information possible. There are standards for measuring homes that have guidelines for what is counted as livable space and what is not. The appraiser you choose should be familiar with these. I offer this service to all Realtors in the Birmingham, Alabama area. The fee is based on the size of the home and in addition to getting the square footage information you also get a floor plan sketch with location of rooms. This sketch can be included in your listing. A more detailed drawing is available for a slightly higher fee if this is desired.

My question to all Realtors is this: would you be interested in getting accurate GLA of your home to provide to your buyers and make your listings stand out by having a sketch of the home? If you have any questions please give me a call at 205-243-9304 and I would be happy to answer them for you.

Birmingham Appraisal Blog » Birmingham MLS

Birmingham, AL Area 1st Quarter Home Sales Report

Birmingham Alabama MLS Adds Square Foot Option to Listings