Thu, January 22nd, 2009
2008 ANNUAL HOME SALES BROKER REPORT

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

* 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:

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 | Permalink | 0 Comments

Wed, January 7th, 2009
SOUTHWARD BOUND!

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 | Permalink | 0 Comments