Birmingham, AL Area 1st Quarter Home Sales Report

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.

Birmingham, AL Q1 2011 Report

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.

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