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Market Trends Birmingham Metro May 2009

June 16, 2009

Broker Report on May 2009 HOME SALES

Some encouraging news…Birmingham area home sales in 2009 continue to increase each month!

January 564

February 725

March 854

April 887

May 959

Some more encouraging news…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.  Note that average prices are also on the increase (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

Foreclosure sales were down in May: The 278 foreclosures sold in May represented only 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 was higher in May at $80,376.   This compares with the average foreclosure price in April which was $76,085, the March foreclosure price of $66,959, the February foreclosure price of $78,044, and the January foreclosure price of $75,697.

When comparing May 2009 sales with May 2008, sales were down by 25% but the average price in May 2009 was only 9.5% behind the average one year ago and the median price was down only 9.5% 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.

May Home Sales Numbers:

MAY 2009                             MAY 2008

Total Traditional (Non-Foreclosure Sales):                  681

Total Foreclosure Sales: 278

TOTAL Residential Sales:                                                 959 1,277

Average Sales Price, Non-Foreclosure Sales:          $228,714

Average Sales Price, Total Foreclosure Sales:         $  80,376

Average Sales Price, Total Residential Sales:           $185,713 $205,371

Median Price, Total Residential Sales:                         $156,000 $172,400

Days on Market:                                                                 109 100

Inventory                                                                              10,782 12,458

YEAR-TO-DATE HOME SALES REPORT

2009 Total Sales: 3,989

2008 Total Sales: 5,449

This represents a 27% decrease

2009 Average Price: $166,965

2008 Average Price: $193,562

This represents a 14% decrease

2009 Median Price: $139,000

2008 Median Price: $158,600

This represents a 12% decrease

2009 Days on Market: 112* adjusted to exclude new sales

2008 Days on Market: 105* adjusted to exclude new sales

VulcanPOSITIVE FACTS

Mortgage rates remain at record lows; the lowest since the 1950’s.

Home affordability is at the highest in Alabama in 16 years: The Alabama Center for Real Estate, ACRE, calculates that affordability is better as a result of falling interest rates, a drop in median home prices and an increase in median income for Alabama residents. For details go to:http://acre.cba.ua.edu/affordability_index.php

The First Time Homebuyers Tax Credit Can Be Used on Closing Costs: FHA-approved lenders have received the go-ahead from HUD to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront. FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent. The loans can’t be used to cover the minimum 3.5 percent. This means buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home, but would still have to come up with the minimum 3.5 percent downpayment (information source: www.realtor.org).

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®.

These statistics cover the 4-county area of Jefferson, Shelby, Blount and St. Clair counties.

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.

Many thanks to the Birmingham Association of Realtors for the great support, information, educational training and data reports that they provide.  The Birmingham Alabama Metro Area is a great place to live, work and play!

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