Birmingham/Shelby Co. 2007 Real Estate Sales Report
The final numbers for home sales in the Birmingham and Shelby Co. area during 2007 are in, and guess what?
Total residential sales in the Birmingham and Shelby Co. area during 2007 were the second best ever recorded.
For the year, 17,476 transactions were recorded, or about seven percent below those of 2006, which, by the way, was the best year ever for sales, according to the Birmingham Association of Realtors. For single family home sales, 2007 was the fourth best year ever, BAR said.
Meanwhile, sales during December, 2007, totalled 12,642 … that’s 19% lower than sales in December, 2006. The average price of a home sold in 2007 was $198,240, virtually unchanged from the 2006 average of $198,340.
So, what’s the point? While there are so many reports about the plunging real estate market, the numbers in central Alabama tell a decidedly different story.
The bottom line: The Birmingham and Shelby Co. housing markets remain healthy. For seven years–until 2007–both sales and prices increased each year. And here’s some good news for sellers: While the buyer’s market remains in place, the number of homes for sale continues to drop:
December, 2007 – 12,642
November, 2007 – 12,979
October, 2007 – 13,438
September, 2007 – 13,560
Birmingham is fortunate. Unlike many other American cities, housing market fluctuations here are much less extreme, leading many real estate analysts familiar with this market to describe it as quite stable. Some of the reasons for this include the economy, boosted by low unemployment.
What’s ahead for 2008? With a large amount of inventory still available in a variety of styles, prices and areas, and excellent mortgage rates available–we saw 5% on a 30-year fixed just this week–there’s every indication that the Birmingham and Shelby Co. markets will stay very healthy through ’08.
So, when you hear us talk about what a good time this is to buy a home, now you know why. The numbers back it up. We’ll have more on the 2008 market in future posts…
David and Colleen