The metro Birmingham real estate market is seeing positive growth, according to a report utilizing the Greater Alabama MLS. For the month of March, sales for residential properties was at 1,010 units, which is up 9.4 percent from March 2013. The Birmingham area housing inventory in March was 7,125 units, an increase of 5.1 percent from March 2013 and 43.1 percent from the month of March peak in 2007. The amount of homes available for sale in Birmingham equal out to a 7.1 month supply of property. The market equilibrium (balance between supply and demand) is considered to be approximately 6-7 months during the month of March so this represents significant improvement from just three years ago when it was 11.8 months of supply in March 2011.

Sales from February 2014 to March grew almost 30 percent, which some have attributed to the extensive winter that prohibited the market from reaching its potential throughout the past few months. Moving to Birmingham? The sooner the better, as prices will continue to strengthen. The median sales price in March was $162,250, an increase of 8.9 percent from last March ($149,000). The March median price also improved 4.8 percent when compared to the prior month.