I came across this interesting information which relates to my earlier blog about the “New” Old Neighborhoods.
Recently, Realty Times, a real estate resource for agents and brokers, painted a picture of what to expect in real estate in the next 20 years. Here is what it says:
“The traditional household, (married couples with children), which comprised 90 percent of the households in 1950 will comprise only 65 percent of the households in 2030.
29 percent of the US households will be living alone in 2030.
Western and Eastern European descendents will decrease in numbers and the Spanish speaking population will increase from 31.4 million in 2000 to nearly 65.6 million in 2030.
From 2000 to 2030, the US population will grow by 82 million.
Population growth will return back to the city by 60 percent. The non-traditional family will become the norm.”
We are realizing and experiencing an increase in our U.S. population from Spanish and Asian nationalities adding to the great melting pot that has characterized the United States since its inception. Our cities, suburbs, and neighborhoods continue to grow and become more diverse introducing more traditions and cultures to the landscape.
Posted by Christina Rickey at 07:26 |
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The average American household is changing. Along with these changes come changes in how and where we live. Talk to your parents or look at old pictures from grade school and the neighborhood where you grew up. As for myself, I grew up in an ethnic neighborhood of Cleveland, Ohio. I am giving away my age, but I can remember the old neighborhood vividly. We were all of western or eastern European descent. Our grandparents came from Europe, and they settled amongst family and friends. I can visualize in my mind the old grocery store, bakery, the hardware store on the corner, and front porches with swings as a gathering place. Everyone knew each other by name, and more often than not, childhood sweethearts married each other. Looking back to the 50’s and 60’s in the old neighborhood, we were all from the same nationality, attended the same church denomination which usually had a school, and we shared the same traditions, customs, and foods. The family unit was composed of mom, dad, 2 plus children, a family pet, and one car. Birth control was a no-no, so more often than not, there were more than the 2 plus children. It was customary for young girls to not move away from home before marriage, young couples did not live together before or after becoming engaged, and divorce was extremely rare. Older parents lived in the duplex below to a ripe old age, and the children took care of mom or dad when they suddenly found themselves alone because of death. For these reasons, someone living alone was a rarity. Living in the old neighborhood was uncomplicated and it rarely changed.
From the 1970’s and moving toward the end of the 20th century, old neighborhoods were slowly replaced. Families moved to the burbs with planned communities, grand entrances and elaborate amenities. The burbs became an ideal place to live and fulfill the American dream. Moving twenty-five years forward there became crowding in the burbs, longer commutes to work, strip mall after strip mall lining the streetscapes, increased multi car dependency, high fuel costs, and time becoming a premium. So what happened–the trend is turning back toward the city!
Welcome into the 21st century. The closer in neighborhood is becoming a trendy place to live for singles, newlyweds, young families and retirees. There’s a coffee shop, specialty food market, art gallery, and book store on the corner. Neighborhood restaurants, walking and bike paths, and parks encompass the neighborhood. Home values are sky-rocketing the closer you get to the town center. Instead of neighborhoods defined by ethnic and cultural backgrounds, they are a potpourri of different nationalities and lifestyles.
We are all experiencing and adjusting to the changes in our demographics. Real estate is also being affected by these changes. Complimenting the resurgence in the city, “New Urbanism” is occurring in the suburban landscape with small parks, walking trails, and village like amenities being incorporated within planned communities. I believe people want to return to a more relaxed environment enjoying more quality time with family, friends, and getting to know their neighbors. I for one am happy to see this transition. Many of my clients express these intangibles among their priorities when looking for a home. Having grown up in this type of environment, I understand and fully appreciate what is important to them. A home is more than dirt, concrete, lumber, bricks, walls, roof, etc. It’s where we find comfort and solace with those we love, and being among good neighbors and friends. Anyone want a good cup of coffee and friendly conversation? Here’s to “good times!”
Posted by Christina Rickey at 12:13 |
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You have heard on the news about the Fannie Mae and Freddie Mac Bill endorsed by President Bush and passed by the US House of Representatives with a vote of 272-152 on Wednesday. The bill will now move to the Senate for a vote this week-end. As a real estate professional, I thought it important for you to read what is being said about this bill. I will share with you what is being said pro and con to the bill.
First, here is an article forwarded to me by RISMedia with a pro point of view to the bill. RISMedia is a leading real estate resource and the publishers of the Real Estate Magazine, a trade journal for real estate professionals:
By Avrum D. Lank
RISMEDIA, July 25, 2008-(MCT)-The House approved a sweeping housing bill Wednesday that would provide tax credits of up to $7,500 for first-time home buyers and help an estimated 400,000 strapped homeowners avoid foreclosure.
The measure also would prop up troubled mortgage giants Fannie Mae and Freddie Mac, by giving the Treasury Department the ability to extend them an unlimited line of credit and buy up some of their stock, if necessary. The two companies back or own nearly half of the nation’s mortgage debt.
Hours before the vote, President Bush dropped his opposition to a provision offering $3.9 billion in block grants to help local communities devastated by foreclosures. With the White House’s support, the bill is likely to pass the Senate and become law this week.
A spokeswoman for Milwaukee Mayor Tom Barrett said the city intends to apply for some of the block grant money.
The 272-152 vote reflected a congressional push to send election-year help to struggling borrowers and to reassure nervous financial markets about the health of Fannie Mae and Freddie Mac.
The bill includes a program to help financially distressed homeowners refinance mortgages under better terms, by encouraging lenders to voluntarily restructure those mortgages. Lenders would agree to take less, and borrowers would agree to split any profits from the eventual sale of their home with the government. Borrowers could not get a second mortgage for five years.
The Congressional Budget Office estimates the program would cover about 400,000 homeowners with mortgages totaling $68 billion.
The bill also would include:
–A $7,500 tax credit for first-time home buyers.
–A $500 to $1,000 deduction for 2008 property taxes for people who don’t itemize deductions on their tax returns.
–Higher limits, up to $625,000, on mortgages insured through Fannie and Freddie. A temporary limit of $729,750 until Dec. 31 would remain in place.
The backing for Fannie and Freddie is “a massively important provision” because it will help to restore confidence to the mortgage market, which has been buffeted by a large number of defaults, said Joe Murray, director of political and government affairs for Wisconsin Realtors Association in Madison.
Congressional analysts estimate that a rescue of the mortgage giants could cost $25 billion, and perhaps more, but they predict there is a better than even chance it will not be needed.
Murray said the other parts of the bill aimed at providing direct help for homeowners and potential buyers also will help the market.
Details of how the $3.9 billion in block grants would be distributed were not immediately available, but the city of Milwaukee already is planning how to use the money, said Eileen Force, press secretary for Mayor Barrett. Barrett was out of town on a family vacation Wednesday.
Among the city’s objectives for the money would be increasing the percentage of foreclosed properties that are sustained as primary residences, reducing the share of evictions that are foreclosure-related, and lowering the number of vacant properties, Force said in an e-mail.
U.S. Rep. Gwen Moore (D-Wis.), who represents Milwaukee, said she was pleased with the bill.
“The legislation provides the tools necessary to our local governments to address the blight of widespread foreclosure (and) it also gives working and low-income families access to affordable and sustainable housing,” she said in a statement.
But U.S. Rep. Paul Ryan (R-Wis.), whose district includes southern parts of Milwaukee County, voted against the measure, saying he objected to its provisions to stabilize Fannie and Freddie.
“This bailout plan aggravates the fundamental problem that led us here: Fannie and Freddie remain for-profit corporations but still enjoy a federal guarantee at the taxpayers’ expense against any risk of loss,” he said in a statement. “To force Americans already struggling to make ends meet to take on this risk is a dangerous precedent.”
Wisconsin’s delegation voted along party lines, with Democrats Moore, Tammy Baldwin, Steve Kagen, Ron Kind and David Obey voting in support, and Republicans Ryan, Tom Petri and Jim Sensenbrenner opposed.
In all, 45 House Republicans voted in favor of the bill.
The legislation gives Treasury Secretary Henry Paulson power to inject capital into Fannie and Freddie and provides for a federal agency to insure refinanced home loans. Paulson overcame opposition to the bill within his own party, such as that expressed by Ryan.
Democrats were more supportive.
“This is the most important piece of housing legislation in a generation,” Senate Banking Committee Chairman Christopher Dodd (D-Conn.) told reporters in Washington.
Senate Majority Leader Harry Reid (D-Nev.) said earlier he aimed to get it through the Senate by the end of the day. The bill is “a very good piece of legislation,” he said. Sen. Jim DeMint (R-S.C.) threatened to delay that schedule if he can’t amend the legislation, his spokesman Wesley Denton said.
Rep. Barney Frank (D-Mass.), who chairs the House Financial Services Committee, helped steer the bill after backing Paulson’s call for the emergency measures for Fannie and Freddie, which would last through 2009.
Lawmakers, intent on limiting any losses to taxpayers, tied the potential aid to the federal debt limit. Still, they also raised that ceiling to $10.6 trillion from the current $9.815 trillion in the bill.
Washington-based Fannie and McLean, Va.-based Freddie own or guarantee about half of the $12 trillion of U.S. home loans outstanding. The companies face mounting losses stemming from the collapse of the subprime market.
Also standing to benefit from the legislation are companies such as General Motors and Northwest Airlines. Provisions in the measure would allow unprofitable companies to use tax credits that they have already accumulated to make investments in their businesses and work force.
An economic stimulus plan approved earlier this year included tax breaks that gave companies an incentive to increase their capital investments. But lawmakers who represent manufacturing states said it left out companies such as General Motors Corp. and Ford Motor Co. that have not been profitable.
Automakers, manufacturers and other companies that qualify for the tax credits would benefit by as much as $30 million for making the investments this year.
Lawmakers said automakers could benefit from the tax changes as well as airlines; manufacturers such as Goodyear Tire and Rubber Co. and Owens-Illinois Inc.; and energy companies such as CMS Energy Corp., A
rch Coal Inc., and Murray Energy Corp.
Reacting to the passing of this legislation, Speaker Nancy Pelosi said, “The bill the House takes up today, if enacted, will represent the most far-reaching reform of our nation’s federal housing finance system in a generation…Owning a home is an essential part of the American Dream. It’s not only about what it means to individuals, it is what it means to the community, putting down roots. It is what it means to the economy as we take an interest in our homes and make them habitable. By expanding homeownership opportunities and protecting families against foreclosure, we are helping keep the American dream of owning a home alive. By restoring confidence in the housing market, our economy can begin to grow and create jobs for the American people again.”
What’s more, the National Association of Realtors® President Dick Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif said, “Realtors® are in the business of building communities, and our 1.2 million members understand that this legislation will go a long way in helping people buy and keep their homes,” said NAR President Dick Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. “We look forward to prompt Senate action to finalize this bill, helping ensure that every American who can afford to own a home and wants to do so will have the opportunity and that everyone who responsibly owns a home is able to keep it. This bill must get to the president quickly, and we urge him to act immediately to sign it into law.”
“The $7,500 tax credit for first-time home buyers is a needed stimulus for a weak housing market,” said Gaylord. “This bill would extend the tax credit availability through June 2009, which would have a further positive effect on the housing market.”
Bloomberg News and The Associated Press contributed to this report.
Copyright © 2008, Milwaukee Journal Sentinel
Distributed by McClatchy-Tribune Information Services.
For an opposite point of view, Republicans in the House who voted against passage of the Housing Bill, did so because they say it will place US Taxpayers money at risk! In the US Senate, there is concern that the Housing Bill does not have any language in it to prevent “Fannie Mae and Freddie Mac from lobbying”. It is being said that a big conflict of interest is being created to have a company being bailed out by the US Government with Taxpayers’ money. Republicans feel the passage of this Bill will leave the US Taxpayer on the hook for countless billions of dollars.
The following was sent to real estate professionals, lenders, etc. on Friday from Senator Shelby (R-Ala):
July 25th the Senate will vote on the stimulus package that was passed by
Congress yesterday. Over the last few days it was brought to our attn that if
this passes it will kill all Down Payment Asst Programs. They are assuming that
FHA only accts for 9 0/0 of Mtg transactions. This would be fact up until March
of 08 when Fannie and Freddie ended all 100 0/0 transactions. As of April our 10
to 15 mill of production has completely swaped to over 80 0/0 FHA. Our pipelines
are full of FHA Down Payment Asst Program clients, this will be a disaster to
the nations housing market. If your not familiar with loan limits here in
Alabama it is 270k in other parts of the country it is as high as 700k and these
are customers with good jobs and great credit. This will not just effect Alabama
but every state should have the same outcome. I believe they are working off
data from earlier this year and is very important that they address this before
they make the biggest mistake since the start of the housing crisis. The
majority of the clients effected are not currently invested in the housing
market and is our best source for decreasing our nations tremendous inventory.
The part that bothers me the most is the fact that we are substituting a
customer that is able and willing to buy and afford a home with one that has had
a chance to be responsible and in most cases has and always will be a
irresponsible . They where in this shape when the original loan was made and was
given a opportunity to for a second or in some cases a third chance. I do
understand that our financial markets may not be able to with stand and may be
necessary to extend these losses to later point when our economy has gained
ground and becomes stable. However we are giving up the good to put a band aid
on the bad. With out the good to help offset the bad we will set ourselves up
for much greater loss in the near future. We need to stop the seesaw, knee jerk
reactions and deal with changes that are balanced and informed.
THIS HAS TO BE STOPPED!!!! WE HAVE TO ACT TONIGHT OR FIRST THING IN THE
MORNING!!!!!
Call and ask all to do the same. Call and call often. Phone lines are open and
receptive.
Senator. Shelby 202-224-5744
The preceding information is provided for your information only. The contents of this information is neither supported or opposed by the writer.
Posted by Christina Rickey at 10:58 |
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Gimmicks, give aways and doing nothing will not sell your home! We all know that selling your home in today’s challenging real estate market is difficult to say the least. This is not the same real estate market we all enjoyed just a couple of years ago. However, there are buyers out there. The numbers are down, but people will always need shelter. As an exclusive buyer’s agent, buyers tell me what is on their minds. With the housing inventory high, it can be like going into a candy store for a ready, willing, and able buyer. I have seen builders giving away car leases and including trips to exotic places; and still the inventory stands. I have also seen existing home owners advertise flat screen televisions as an incentive for a viable contract. Home sellers–gimmicks, and give aways do not work! The top five reasons homes do not sell, counting down from No. 5 are:
5.) The condition of the home—well maintained, freshly painted, uncluttered, nicely landscaped homes sell. A little bit of money and elbow grease can go a long way to a quick sale. If you do nothing, and hope that by a prayer your home will sell, think again. There is a huge amount of inventory available, and many consumers will not go past the front door if they see clutter, damage and neglect. Why throw in a flat screen television as an incentive to obtain a contract when adding new carpeting or fresh paint will go so much further?
4.) Do you have the right listing agent? A part time agent will not work in today’s market. It takes more time, talent, and resources to get the job done. Although I do not list homes, I can guide you to the best listing agents in our area who I personally endorse in doing a great job. These agents will not sugar coat their opinions. They will tell you what you need to hear, not what you want to hear. In selecting a listing agent, marketing is key. The agents I will direct you to will be pros when it comes to marketing your listing.
3.) Make sure your home is always available for showings. A relocation buyer may have a small window to view houses, or a local consumer, can only look on week-ends. Your home needs to be clean and ready to show on a moment’s notice. You cannot afford missed opportunities in today’s market.
2.) Location. Location is very important. If you have it, count your blessings. Location will always be at the top of the list when buyers purchase.
THE #1 REASON TO GET YOUR HOUSE SOLD IS PRICE. Good pricing always sell houses. A house priced right will sell faster than homes priced too high. In this market, you cannot go by what a house sold for 6 months ago. Real estate is local, and some markets are better than others, but many buyers are still waiting to buy, thinking the prices may come down further. If the price is slightly lower than a similar home down the street, you will get more people interested. No contracts, no showings—always consider the price.
You do not have to resort to fancy gimmicks and give aways!
Posted by Christina Rickey at 10:43 |
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HAPPY BIRTHDAY VULCAN!
Over 900 hundred people attended the iron man’s birthday bash earlier this summer. Originally built in 1904, Vulcan turns 104! Vulcan, the Roman god of fire and forge, has stood as symbol of Birmingham’s steel industry. Vulcan is the largest cast iron statue in the world. A four year renovation on Vulcan was completed in 2004. Vulcan Park is the best place to enjoy the panoramic views of downtown Birmingham. Check it out!!
Posted by Christina Rickey at 07:50 |
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I thought it would be fun to include something on the “Lighter Side” every now and then on my blog in addition to focusing on Birmingham, Alabama real estate. Well, it is Friday! Let’s have some fun and laugh about a vacation blooper. This blooper isn’t as bad as Clark Griswold’s with his family vacation to Wally World, but it is funny. While vacationing in Hawaii several years ago, we visited both Oahu and Maui and enjoyed all the typical tourist activities: Pearl Harbor, Diamond Head, Waikiki, a luau, catamaran on the ocean, etc. While on Maui, a day trip to the 10,000 foot summit of the volcano, Mt. Haleakala was a must. The drive was beautiful and arriving at the top, the view of the island was great. We parked the rental car and spent the rest of the day on foot exploring the top of the volcano and national park. It was cool at the summit, about 30 degrees cooler than the coast. With the end of daylight approaching and anticipating watching the sunset, we returned to our rental car only to discover, my husband couldn’t find the keys. After checking pockets, bags, etc. we found them…locked inside the car on the floor next to the seat, and we were the last visitors at the summit. “Great going Dad” was our three sons’ response. This was before cell phones, so calling for assistance wasn’t an option. The temperature was really dropping as sunset approached. As we began our hike down the mountain, a park ranger luckily drove up with a smile and laughingly said, “locked out”? He assured us we weren’t the first and retrieved the car keys for us. We enjoyed the sunset, laughed about Dad’s blunder and to this day, my husband is fondly reminded about the locked cars keys at Mt. Haleakala.
Posted by Christina Rickey at 12:49 |
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Here it is, the weekend. Normally, I’d be previewing and showing properties to a buyer looking for their next home. This weekend, I’m free (unless someone wants to find their next home) and deciding what to do. With gas prices up and no desire to drive very far but still get out of the house, you may be wondering what to do that is different and fun. Why not escape locally and explore the many villages in and around Birmingham with their unique, quaint shops, boutiques and favorite local eateries.
Maybe your shopping and dining excursion will begin in Homewood, just a short distance from downtown Birmingham. Downtown Homewood boasts upscale clothing shops, high-end antique and art galleries, and home decorating stores, to name a few. There is old-style shopping along the newly renovated 18th Street, and the new Soho Square for modern-day shopping with an interesting mix of trendy boutiques and restaurants. Browse the Pink Tulip, a women’s clothing and accessories store; Homewood Toy and Hobby Shop, a traditional children’s toy store filled with unique toys and a large selection of hobby accessories; adventure through At Home Furnishings where you can find trinkets and furnishings to warm-up your décor; visit Savage’s Bakery, or O’Henry’s coffee shop, both local landmarks; and browse Smith’s Variety, which brings back memories of the five and dime.
For more southern charm and small-town atmosphere, enjoy picture-perfect Mountain Brook Village, only three to five minutes from Homewood. Beautiful storefronts abound along tree-lined sidewalks. Famous for their limeades, Gilchrist Soda Shop (a must stop for my grandaughter and me) has been a Mountain Brook staple since the early 20th century. Enjoy shops like Etc., Carousel, Village Sportswear, Bromberg’s, Christine’s, Jonathan Benton Bookseller, Smith’s Variety, and Little Hardware, where store owners and employees welcome you to browse through luxury décor, high-end clothing, treasures, gifts, books, staples, and jewelry. Grab some food at Davenport’s Pizza, or Browdy’s.
Located a few miles from Mountain Brook Village nestled between Euclid and Montevallo Roads, a large clock tower welcomes you to Crestline Village. Crestline Village has more than 80 shops and restaurants for your enjoyment. Casual and fine dining includes Bacca’s, Bongiorno’s, Crestline Bagel, Inc., La Paz, Zoe’s Kitchen, and Surin of Thailand. Crestline Village is known for its many children shops including clothing, toys, and accessories.
Another stop, close to the heart of Birmingham, is English Village on Cahaba Rd. Here you’ll find restaurants, coffee houses and garden shops. For a relaxing afternoon pamper yourself at the Richard Joseph Salon Spa; have lunch outside on the brick patio at Café Ciao’s, or read a magazine and enjoy a cup of coffee at Joe Muggs .
If the burbs are where you want to be, visit the Town of Mt. Laurel, located off of Hwy 41 in unincorporated Shelby County. Saturday morning at the Mt. Laurel Farmer’s Market, held from June through September, is a great way to start the day. There are also 29 shops and restaurants within the town, among them: Mt. Laurel Hardware and General Store, Bella Couture Bridal, Blue Moon Photo Studio, Main Street Florist, The Blue Room Salon Spa, Simplicity Unique Gifts, and Little Blessings Children’s Clothing. Eateries include The Standard Bistro, The Rose Garden Tea Room, Jimbo’s Soda Fountain, and Area 41 Pizza.
Besides Birmingham’s many villages, I’m sure there are other places all of us can enjoy, such as American Village in Montevallo, the Mcwane Center or Civil Rights Institute downtown, and the Farmers Market at Pepper Place on Saturdays. Share your favorite close-in places for fun and relaxation.
Posted by Christina Rickey at 02:11 |
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Year to Date - May 2008
May home sales were behind the month of May a year ago by 30 percent, but we do have some good news. Inventory is below where it was a year ago, and average prices and median prices were up in May compared to a year ago. Also, total sales increased 10.6% from April to May 2008.
Stories about the economy get air time, especially if it’s bad news. The effect is cumulative. Washington Post columnist Neil Irwin says Americans are “gloomier than the economy”. In his June 18th article he reports consumer confidence is at its lowest level in almost 30 years. Only 12 percent of Americans think the economy is in good shape. He goes on to say that the internet is filled with opinion columns comparing today with the Great Depression.
Mr. Irwin’s response to this gloom is right on target: “The economy is NOT all that grim.” He says business is “holding up better than it did during the last two recessions in 1990 and 2001. Employers haven’t shed as many jobs, the unemployment rate is still relatively low, and gross domestic product has kept rising. Things are no where near as bad as they were in the Great Depression, or even during the severe recession of 1982-1983. The last time consumers were this miserable (May 1980) the jobless rate was 7.5 percent and inflation was 14.4 percent. Today these numbers are 5.5 percent jobless rate and 4.2 percent inflation.”
In summary he warns that negative attitudes can become a self-fulfilling prophecy. It’s a matter of perspective or outlook. “We have gotten so used to things being good…that even when conditions become somewhat bad, it feels terrible.”
Real Estate agents are listing and selling houses. Birmingham MLS members have sold nearly 5,500 homes since the first of the year. Don’t compare this year with last year or the year before because 2006 and 2007 were record sales years for our MLS. Let’s focus on the positive right here and now: homes are selling.
Last year’s sales in May were record-breaking. May 2007 was a huge month for home closings…the best May in history. This makes it more difficult, having to compare this May with May 2007 numbers.
May sales are 10.6% ahead of April sales. Home sales usually increase from April to May and this year is no exception.
Current conditions are ideal for buyers. Prices have moderated. Year-to-date average prices in MLS show a 1.6% decrease. These conditions won’t last long. Now is a great time to make an offer on a home.
Inflation fears are in the news. Despite the fact that interest rates are low; sellers are motivated; and prices have moderated, many buyers are still sitting on the fence, waiting for things to “bottom out.” Inflation fears are in the news. Waiting is a risky game. If monetary policy shifts to combating inflation, mortgage rates may go up. Now really is the time to buy.
Mortgage loans are available. Contrary to perceptions, conventional mortgages are widely available.
Inventory is wide-ranging with many choices in prices and architectural styles.
Home ownership is the best investment. Home ownership has been – and continues to be – one of the best investments. Nine out of ten Americans consider home ownership to be a sound financial decision. Real estate has delivered the most consistent positive return over any other investment over the last 40 years.
YEAR-TO-DATE STATISTICS:
2008 Total Sales: 5,449
2007 Total Sales: 7,372
Difference represents a 26% decline
2008 Average Price: $193,563
2007 Average Price: $196,746
Year-to-date comparison shows a 1.6% decline in average price
2008 Median Price: $158,600
2007 Median Price: $157,900
No significant % difference
2008 Average Days on Market: 105* adjusted to exclude new construction
2007 Average Days on Market: 94* adjusted to exclude new construction
YEAR-TO-DATE REGIONAL STATISTICS:
NORTH
2008 Total Sales: 401
2007 Total Sales: 467
Difference represents a 14% decline
SOUTH
2008 Total Sales: 2,585
2007 Total Sales: 3,587
Difference represents a 30% decline
EAST
2008 Total Sales: 1,468
2007 Total Sales: 2,028
Difference represents a 28% decline
WEST
2008 Total Sales: 995
2007 Total Sales: 1,290
Difference represents a 23% decline
MAY STATISTICS:
2008 Total Sales: 1,277* Fewest closings for a May reporting period since 2002
2007 Total Sales: 1,836* Most closings ever for a May reporting period
Difference of 559 sales or a 30% decline
2008 Average Price: $205,371
2007 Average Price: $202,800
Represents a 1.3% increase
2008 Median Price: $172,400
2007 Median Price: $164,300
Represents a 5% increase
2008 Average Days on Market: 100* adjusted to exclude new construction
2007 Average Days on Market: 93* adjusted to exclude new construction
RESIDENTIAL INVENTORY IN MLS:
TOTAL LISTINGS ON THE MLS:
2008:
May: 12,458
April: 12,365
March: 12,121
February: 11,919
January: 11,757
2007:
December: 12,642
November: 12,979
October: 13,438
September: 13,560
August: 13,582* highest recorded
July: 13,477
June: 13,294
May: 13,183
April: 12,895
March: 12,524
February: 10,840
January: 10,330
These statistics compare total residential sales for May 2008 vs. May 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 07:16 |
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Welcome Clients, Friends, Neighbors, Colleagues, and Family!
Welcome to the first day of Chris’ Let’s Talk Birmingham Blog! Everyone knows what it is like to have a first day–the first day of life, school, work, marriage, parenting, vacations, retirement, etc. First days are full of unknowns and anticipation. Well, today is my first day blogging. I hope by the end of this first day, I will have the concept down pat. If you are wondering the intent of Chris’ Let’s Talk Birmingham Blog, it is here for three reasons: One, as a communication platform to stay informed of the Birmingham real estate market. I will post the good, the bad, and even the ugly regarding Birmingham’s real estate market. There will be statistics taken directly from the MLS, articles from the pros, and updates on trends in the market. Second, I want to focus on Birmingham and some of the great places of interest, special events, festivals, and happenings around the Magic City. Third, besides discussing Birmingham, I will sometimes want to keep things light and discuss my family, grandchildren, bloopers, blunders, vacations, etc. Not only do I want to share my stories. I want to hear yours. My goal is to create a community where you will want to come and visit often. So, let’s get started with the first day of Chris’Let’s Talk Birmingham Blog.
Posted by Christina Rickey at 03:59 |
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Christina Rickey 
