Home Sales Report
June 2009
Birmingham area home sales in 2009 continue to increase each month:
January: 564 Units
February: 725
March: 854
April: 887
May: 959
June: 1090
Median prices have increased each month, indicating that a wider price range of homes are now being sold in the Birmingham Area MLS. Fewer foreclosures each month may also be having an effect. The average prices are also on the increase (Note: February was higher than March & April):
Jan Average Price: $151,584 Jan Median Price: $129,900
Feb Average Price: $171,062 Feb Median Price: $130,000
Mar Average Price: $160,929 Mar Median Price: $138,000
Apr Average Price: $165,540 Apr Median Price: $141,000
May Average Price: $185,713 May Median Price: $156,000
Jun Average Price: $189,332 Jun Median Price: $160,000
Foreclosure sales: The June report shows a total of 315 foreclosure sales representing 29% of the total. The 278 foreclosures sold in May represented 29% of the total. The 305 foreclosure sales in April represented 38% of the total. This compares to 40% of the total in March and 39% of the total in February and 45% of the total for January.
The average foreclosure price in June was $80,273 compared to May which was $80,376. The average foreclosure price in April was $76,085, the March foreclosure price was $66,959, the February foreclosure price was $78,044, and the January foreclosure price was $75,697.
When comparing June 2009 sales with June 2008, sales were down by 13% but the average price in June 2009 was only 4% behind the average one year ago and the median price was down only 3% from last year. In previous months the average price has been as much as 15% to 21% behind the same reporting period from the previous year.
Birmingham area home sales market is #20 in national report: The Brookings Institution report shows Birmingham is one of the strongest metro areas in the nation when it comes to home price stability. The numbers, provided by The Birmingham News ranks cities based on the change in the home price index from the first quarter of 2008 to the first quarter of 2009. Birmingham placed number 20 on the list showing a 2 percent rise. Houston led the list with a 4.7 percent rise. The average American city declined 6.3 percent according to the report.
The statistics in this report compare total residential sales as compiled by the Birmingham Area Multiple Listing Service, Inc. of the Birmingham Association of REALTORS®. Neither the Birmingham Association of REALTORS® nor its MLS guarantees or is in any way responsible for its accuracy.
Posted by NHB at 08:25 |
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There are many great attractions to see in Birmingham. One of the best is the Birmingham Botanical Gardens. The Birmingham Botanical Gardens is Alabama’s largest living museum with more than 10,000 different plants in its living collections. The Gardens’ 67.5 acres contains 25+ unique gardens, 30+ works of original outdoor sculpture and miles of serene paths.
The Gardens features the largest public horticulture library in the U.S., conservatories, a wildflower garden, two rose gardens, the Southern Living garden, and Japanese Gardens with a traditionally crafted tea house. Education programs run year round and over 10,000 school children enjoy free science-curriculum based field trips annually.
Birmingham Botanical Gardens, the most visited free attraction in Alabama, is open daily, offering free admission to more than 350,000 yearly visitors. Make sure you see it in every season since it is always evolving and changing!
Posted by NHB at 08:20 |
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On a sunny spring day, the Birmingham Zoo is a great place to visit, especially if your companion is your granddaughter! This is where we went for our monthly Grammy and Margaret day. Our day began by heading to the Junior League of Birmingham – Hugh Kaul’s Children Zoo for a ride on the animal carousel. Margaret selected a monkey for her carousel ride. It was such fun! Next, it was off to see lions, tigers, zebras and giraffes on our way to ride the Red Diamond Express. The whistle blew and the train was all ours on a scenic journey passing several exhibits of wild animals and birds. There is a lot new this season with many animals making their debut including Southern White Rhinos, the black footed cat, and the two-toed sloth. Our day concluded with a visit to see the sea lions and Kangaroo Kountry.
We will be returning soon since we were too tired to see the gorillas and monkeys on the island of Madagascar. We look forward to the butterfly encounter which will open in May. As the summer heats up, a day playing in the fountains is a great way to cool off. Before the season ends, I am sure we will be back to see Boo at the Zoo and the Zoolight Safari.
The Birmingham Zoo…always entertaining…a classic way to spend the day with my granddaughter!
Posted by Christina Rickey at 08:22 |
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MARCH…OUT LIKE A LAMB!
Posted by Christina Rickey at 08:58 |
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BREATHTAKING!
MARCH…IN LIKE A LION…
Posted by Christina Rickey at 08:53 |
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The weather was perfect on Sunday, February 15, 2009 for the Mercedes Marathon. Over 3,000 runners participated in this year’s marathon on a new course winding through downtown Birmingham. Two relay teams, consisting of five members on each team, ran the 26 mile marathon in honor of Emily Krawczyk, my granddaughter, who was born with Down syndrome. One team consisted of Emily’s mom, dad, family and friends. The second team was comprised of brokers, agents, and family members from the RealtySouth Inverness office. Funds raised from the two teams will go directly to the Bell Center for Early Childhood Intervention Programs in honor of Emily.
The Bell Center and the services it provides continue to be such a huge blessing to our family. Emily attends the toddler class two times per week for 2 hours each, and she loves it. It is similar to preschool except that Emily is guided by a team of therapists and volunteers that work with her to make sure she is meeting developmental goals. Emily is doing great including learning sign language, walking everywhere, and getting into everything! Emily loves music, basketball, and especially emulating her big sister Margaret who is always teaching her new things. Emily said her first words recently, “Hi Dada” as her father came home from work. Our family is very proud of her and absolutely cannot imagine life without her. She is so happy and full of personality. The therapy she receives at the Bell Center is absolutely invaluable and is provided at a very nominal fee. The Bell Center does not receive any government funding – it operates on money raised through various fundraisers throughout the year, primarily the Mercedes Marathon. The Bell Center is a wonderful resource for our community, and we are lucky to have it. At last count, approximately $9,000 has been contributed in Emily’s name…thanks to everyone who donated and to the relay teams who ran!!
Posted by Christina Rickey at 07:58 |
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The American Recovery and Reinvestment Act of 2009
On Tuesday, February 17, 2009, the American Recovery and Reinvestment Act of 2009 (H.R.1) was signed into law by President Obama. The $787 billion economic stimulus package will impact a vast number of areas in the U.S. economy and the President is hopeful that the broad spectrum spending injection will initiate upward movement in all economic and geographic areas of the United States.
The real estate market benefited from a number of the Act’s provisions.
(1) Homebuyer Tax Credit – “The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser’s income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.”
(2) FHA, Fannie Mae and Freddie Mac Loan Limits – “The bill reinstates last year’s 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans. These limits were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750.”
(3) Neighborhood Stabilization – “Division A, Title XII of the bill provides $2,000,000,000 in additional funding for the Neighborhood Stabilization Program (NSP). The NSP was created by the Housing and Economic Recovery Act of 2009 (Public Law 110-289) to provide grants through the Community Development Block Grant program (CDBG) to states and localities to address the problems that can be created when whole neighborhoods are decimated by foreclosures. The funds can be used to purchase, manage, repair and resell foreclosed and abandoned properties. In addition, the funds can also be used by states and localities to establish financing methods for the purchase and redevelopment of foreclosed properties.”
(4) Commercial Real Estate – “Commercial real estate is impacted primarily through those provisions of the bill focused on green building and energy efficiency as well as business tax incentives. H.R. 1 provides significant funds for state energy programs, which could be used to support commercial property owners’ investment in energy efficiency upgrades while commercial property owners seeking to invest in alternative energy systems for onsite power generation would benefit from the Department of Energy Renewable Energy Loan Guarantees Program.”
(5) Low Income Housing Grants – “Allow states to trade in a portion of their 2009 low-income housing tax credits for Treasury grants to finance the construction or acquisition and rehabilitation of low-income housing, including those with or without tax credit allocations.”
(6) Rural Housing Service - “The bill provides an additional $500 million to existing USDA Rural Housing programs. The RHS provides both a guaranteed loan program and a direct housing loan program for those meeting the program’s eligibility criteria. The direct loan program will receive $270 million while $230 million will be allocated for unsubsidized guaranteed loans. It has been reported that this level of funding would provide for an additional 192,000 homeowners.”
Important Note: The information presented does not purport to contain all of the specifics of each category and should not be counted on to give all of the requirements for each item. They are high level overviews only and cannot be guaranteed to be free from error or to contain all of the specific requirements. Please review all programs that you are considering at length with a qualified professional, lawyer or with the specific government agencies for full and complete details to participate in the programs
Posted by Christina Rickey at 07:50 |
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Home Buyer Seminar - Separate Fact from Fiction
Yes, You Can Purchase in Today’s Market!
Monday, February 23, 2009, 6:30pm-8:30pm in the Meeting Room
It’s a buyer’s market! Now is a great time to purchase a home. Learn the secrets of homeownership from a team of professionals. This informative seminar will provide everything you need to know about the loan qualification and buying process from the start of your home search to closing. We will discuss and guide you through the changing Birmingham real estate market; whether you should rent or buy; who represents whom in a real estate transaction; foreclosures and short sales; how do you qualify for a loan and more. The program is presented by Christina Rickey, Associate Broker of RealtySouth—Inverness in conjunction with Beau Bevis, Broker of RealtySouth— Inverness and Mark Achuff, Senior Loan Officer of Mortgage South. Please contact Lori Skinner at the North Shelby Library, (205) 439-5511 or skinner.lori@yahoo.com if you have questions and to reserve your place; or you may contact Chris direct at 337-3848.
Posted by Christina Rickey at 05:32 |
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Total home sales in 2008 were down 29% compared to 2007. Average prices were down 5%. Median prices were down 4.3%. Average days on market were 100 days compared to 96 in 2007. MLS inventory continues to drop; 10,201 listings at year’s end compared to 12,642 in 2007 which is a 19% drop. Total home sales in December 2008 were 32% behind December 2007. The average price in December 2008 was 9% lower than December 2007. The median price was down 12.5%. These statistics point to a difficult, serious slowdown in the local real estate market.
Some good news…
Real estate will rebound; it is just a matter of time. Eight out of ten economists say home prices will rise in the next 5 years. This figure is based on 2008 findings by the Keller Center for Research at Baylor University.
SmartMoney Magazine (November 2008 issue) listed Birmingham as the number 2 market in a survey of 25 American cities “ready to rebound”. Birmingham area home prices were down 5% in 2008, BUT the national average was closer to 11%. California prices dropped 32%. Unemployment rates in the Birmingham area were 5.2% in November which compares favorably with the state of Alabama at 6.1%. The national unemployment rate was 7.2% in December.
One of the worst obstacles we face…is fear. Sellers are afraid they will not be able to sell and they worry about losing their homes. Buyers are scared. Some are so afraid they won’t act. They remain out there; sitting on the fence; waiting for someone or something to give them the “green light” to make a move.
Feeding this fear factor is the “24/7 media machine.
BIRMINGHAM AREA MLS
HOME SALES REPORT
|
December
Comparison*:
|
Number
of Sales
|
Average Sales Price
|
Median Sales Price
|
Active Inventory
In MLS
|
Average
DOM
|
|
2008
|
798
|
$174,968
|
$139,900
|
10,201
|
92
|
|
2007
|
1,171
|
$193,067
|
$160,000
|
12,642
|
101
|
|
2006
|
1,455
|
$196,479
|
$166,500
|
8,505
|
86
|
|
2005
|
1,377
|
$207,780
|
$172,900
|
6,701
|
85
|
|
2004
|
1,239
|
$191,484
|
$156,000
|
6,102
|
81
|
|
2003
|
1,087
|
$169,232
|
$142,000
|
6,419
|
79
|
|
2002
|
965
|
$169,532
|
$145,000
|
6,273
|
78
|
|
2001
|
864
|
$167,036
|
$134,000
|
6,222
|
78
|
|
2000
|
725
|
$156,820
|
$128,400
|
5,884
|
69
|
* Numbers based on MLS records for Jefferson, Shelby, St. Clair and Blount counties. DOM adjusted to exclude new home sales.
December 2008 Total Sales represents a 32% decrease.
The December 2008 Average Sales Price represents a 9% decrease compared to November 2007. The average price for the 2008 is 5% behind last year.
December 2008’s median sales price represents a 12.5% decrease compared to one year ago. The median price for the year is 4.3% behind last year.
2008 vs. 2007 Annual MLS Activity:
|
Entire MLS
|
Inventory
|
Total Sold
|
Average Price
|
Median Price
|
DOM
|
|
2008
|
10,201
|
12,454
|
$188,552
|
$153,400
|
100
|
|
2007
|
12,642
|
17,471
|
$198,240
|
$160,300
|
96
|
|
Notes
|
19% decrease in listings
|
29% decrease in sales
|
5% decrease in average price
|
4.3% decrease in median price
|
DOM excludes new home sales
|
These statistics compare total residential sales for December 2008 vs. December 2007 as well as Year-to-Date statistics as compiled by the Birmingham Area Multiple Listing Service, Inc. of the Birmingham Association of REALTORS®.
Neither the Birmingham Association of REALTORS® nor its MLS guarantees or is in any way responsible for its accuracy. Any market data maintained by the Association or its MLS does not necessarily include information on listings not published at the request of the seller, listings of brokers who are not members of the Association or MLS, unlisted properties, rental properties, etc.
Posted by Christina Rickey at 03:36 |
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Alabama rates high for inbound moves, United Vans Lines says…
People are moving into Alabama faster than they are moving out, at a rate that surpasses all other Southern states, a new study finds.
St. Louis-based United Van Lines, a moving company, classified Alabama as a “high inbound” state in its annual tracking of interstate household moves in 2008, with 58.1 percent of moves going into the state.
Alabama was the only Southern state represented on the high inbound list last year. Nationwide, the Mid-Atlantic and Western regions are the most popular destinations for movers. The District of Columbia reigns as the top destination.
Meanwhile, there’s an overall outbound trend in the Great Lakes region. Michigan retained its title as the top outbound spot, with 67.1 percent of moves last year coming out of the state.
Posted by Christina Rickey at 09:08 |
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Christina Rickey 
