Curious about the state of the real estate market in Birmingham, Alabama? Housing sales for the month of July saw improvement from June and a significant jump from July 2013, according to data obtained from the Alabama Center for Real Estate. The market is showing great news for both sellers and buyers, and the median sales price for the region held strong at $174,000, which is a small drop (2 percent) from June 2014 and a slightly larger dip (5 percent) from July 2013. On the flip side, average sales prices hit $220,976, a 0.3 percent increase over June’s price. Demand is definitely fueling the excitement for the local industry, and the number of available units has dropped 1.8 percent from June and 7 percent from July 2013, so the need for new construction is imperative to keep the market moving in the Birmingham area.
Birmingham’s lowest July numbers date back to 2010, when 735 homes were sold. That figure is a 79 percent difference from 2014. The 1,320 units sold in July were 3 percent higher than June’s numbers and 11.2 percent higher than July 2013. This pace also broke the five-year average of 986 (33 percent) from 2009 until 2013. Thinking of moving to Birmingham? We recommend a few tips:
-Have your mortgage pre-approval ready. If you find a home you love, you need to act fast
-Be prepared to be frustrated. In a competitive market, you’ll likely encounter cash buyers who will likely get the deal over you.
-Enlist an expert. Hiring a realtor might cost money, but they know the market better than you do. Trust the experts.
-Trust your gut, too. If something seems off or seems too good to be true, take a step back. Don’t let the pressure to buy get you stuck with a home that is filled with problems.