ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 08/31/2011
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Alabama Residential Sales Increase 28.7% in July. Residential sales experienced a 28.7 percent increase when compared to July2010. The last time our state’s real estate market experienced positive sales growth in July when compared to the previous year was July 2007. While this isfavorable news, the market must keep in mind that last July was the first month after the expiration of the home buyer tax credit and the comparative sales volume hit a cyclical low of 2,885 units.
July sales were again bolstered by a rebound in closed
transactions from local markets that were previously disrupted by the natural
disasters of April 27th. The relocation of displaced homeowners and the
continuation of delayed closings from late April continued into July. The
bounce back is apparent when reviewing sales percent change from last July in
these impacted areas: Tuscaloosa (sales
up 73%), Walker County (up 71%), Athens-Limestone County (up 41%), Cullman (up 37%), Decatur-Morgan County (30%), Huntsville (up
24%), and Marshall County (up 9%).
In July, Alabama residential sales outperformed the US
market, which showed an increase of 21.0 percent from July 2010, according to
the National Association of REALTORS (NAR). NAR also reported that the South
region experienced an increase of 19.5 percent from last year.
Demand: Residential sales are seasonal and typically peak in June and as
anticipated, July statewide residential sales were 1.4 percent down from the
prior month (June 2011). However, this movement still reflects an improvement when
compared to historical data indicating that July sales, on average
(’06-’10), traditionally decrease from the month of June by 6.1 percent.
Supply: Statewide housing inventory totaled 38,590 units, a decline
of 8.5 percent from last July. July inventory in Alabama experienced a .5
percent increase when compared to the prior month. Historical data
indicates that July inventory on average (’06-’10) traditionally increases from
the month of June by 2.8 percent.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA
Pricing: The statewide median selling price in July was $121,236, a
decrease of 5.9 percent from last July. This figure also represents a
decrease of 3.6 percent when compared to the prior month. Historical
data (’06-’10) indicates that the July median selling price traditionally
increases from the month of June by 2.0 percent.