Birmingham Residential Report- June 2018

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1 Birmingham Residential Report- June 2018 Monthly Indicators Recent Figures Trends Total Residential Sales Current Month June ,538 vs. Prior Month May , % vs. Last Year June , % vs. 5-Yr Avg June 13-'17 1, % Birmingham residential* sales for the current month totaled 1,538 units, representing a decrease of.9 percent when compared to the 1,552 units that were sold in June '17. By Product Type (% of Total Sales) Existing SF: 1,299 (84%) 1,326 (86%) Condo: 68 (4%) 73 (4%) New Const. 179 (12%) 153 (10%) *Residential = existing single family, condo, & Historical data indicates that June residential sales on average ( 13-17) decrease from May by.5 percent. The current month's sales decreased 9.6 percent from the prior month." vs. Peak June , % vs. Trough June % Year to Date June ,166 vs.prior Year June , % Birmingham: Total Residential Sales 1,700 1,552 1,500 1,300 1,253 1,100 Historical Home Sales June ,552 Graph: June June ,474 (By month) June ,430 June ,282 June , Year Avg: 1, Year Avg: 1, Median Sales Price Current Month June ,250 The median sales price in Birmingham vs. Prior Month May , % this month was $219,250, representing vs. Last Year June , % a 7 percent increase from June 2017's vs. 5-Yr Avg June 13-'17 192, % median sales price of $205,000. By Product Type (Y-O-Y Comparison) Existing SF: $214,000 $198,000 Condo: $175,150 $120,000 New Const: $274,600 $280,048 Year to Date June ,550 vs.prior Year June , % Median Peak June , % Trough June , % $230,000 $220,000 $210,000 $200,000 $190,000 $180,000 $170,000 $160,000 $150,000 $140,000 $130,000 Birmingham: Median Sales Price 164, , ,250 Historical Median Selling Price Graph: June Historical data indicates that June median sales prices on June ,000 (By month) average ( 13-17) increase 3.5 percent from May. The current June ,000 median price decreased.3 percent from the prior month." June ,000 June ,832 June , Year Avg: 192, Year Avg: 198,333 Page 1 of 5

2 Monthly Indicators Recent Figures Trends Average Sales Prices Current Month June ,694 The average sales price in Birmingham vs. Prior Month May , % during June was $254,694, a 6.5 percent vs. Last Year June , % increase from June 2017 s average sales vs. 5-Yr Avg June 13-'17 234, % price of $239,169. By Product Type (Y-O-Y Comparison) Existing SF: $248,851 $235,079 Condo: $194,791 $165,089 New Const: $317,180 $309,960 Year to Date June ,865 vs.prior Year June , % Average Peak June , % Trough June , % $280,000 $260,000 $240,000 $220,000 $200,000 $180,000 $160,000 Birmingham: Average Sales Price 254, , ,517 Historical data indicates that June average sales prices on Historical Average Selling Price Graph: June (By month) average ( 13-17) increase 5.6 percent from May. The current June ,169 month's average price decreased 2.5 percent from the prior June ,589 month." June ,272 June ,354 June ,349 5-Year Avg: 234, Year Avg: 241,343 Days on Market (DOM) Current Month June The average number of days on the market in June was 45, representing a 16.7 percent decrease from June vs. Prior Month May % vs. Last Year June % vs. 5-Yr Avg June 13-' % Birmingham: Average Days on Market By Product Type (DOM Comparison) Existing SF: Condo: New Const: N/A N/A Year to Date June vs.prior Year June % Historical Average DOM Graph: June The 5-year DOM average ( 13-17) for June is 72 days, which is 27 days above the current results. DOM is anticipated to remain within the current range (30-70 days) for the foreseeable future. June (By month) June June June June Year Avg: 72 Page 2 of 5

3 Monthly Indicators Recent Figures Trends Total Units Listed for Sale Current Month June ,738 vs. Prior Month May , % vs. Last Year June , % vs. 5-Yr Avg June 13-'17 7, % Birmingham residential units available for sale in June decreased by 932 units when compared to the same month last year. By Product Type (Inv, Comparison) Existing SF: 4,704 5,533 Condo: New Const.: Inventory Peak June , % Trough June , % 13,500 12,500 11,500 10,500 9,500 8,500 7,500 6,500 5,500 4,500 Birmingham: Total Homes Listed 12,580 5,738 Historical data indicates that June inventory on average ( 13-17) decreases from May by.2 percent. The current month's inventory decreased.3 percent from last month's total of 5,754 listings. Historical Total Units Listed Graph: June June ,670 (By month) June ,384 June ,978 June ,555 June ,964 5-Year Avg: 7,310 Birmingham: Months of Supply Inventory-to-Sales Ratio The inventory for sale divided by the current monthly sales volume equals the # of months of supply (Market considered to be in balance at approximately 6 months). Birmingham currently has 3.7 months of supply, up from 3.4 months in May and down from 4.3 months in June Current Month June vs. Prior Month May % vs. Last Year June % vs. 5-Yr Avg June 13-' % I/S Ratio Peak June % Trough June % "June's 3.7 months of supply is 31.3 percent below the 5-year average of 5.4 months. Birmingham's inventory-to-sales ratio is 2.3 months below equilibrium, indicating a continued transition where sellers typically have slightly elevated bargaining power." Historical I/S Ratio Graph: June June (By month) June June June June Year Avg: Year Avg: 4.7 NOTE: This representation is based in whole or in part on data supplied by the reporting boards/associations of REALTORS or their Multiple Listing Service. The Alabama Center for Real Estate does not guarantee and is in no way responsible for its accuracy. Any Market data maintained by the Center does not necessarily include information on listings not published at the request of the seller, listings of brokers who are not members of a local board/association or MLS, unlisted properties, rental properties, etc. The statistics included in this report reflect the residential sales of houses, condominiums, and town homes. Historical Monthly Housing Statistics are available on the web at Alabama Center for Real Estate's homepage - Page 3 of 5

4 Birmingham Metro: Residential Sales and Inventory Sales 1,500 1,300 1, ,000 6,500 6,000 5,500 5,000 4,500 Inventory Birmingham Sales Birmingham Inventory Birmingham Metro: Historical Residential Sales and Inventory Sales ,000 12, ,000 9,000 8,000 7,000 6,000 5,000 4,000 Inventory Birmingham Sales Birmingham Inventory Page 4 of 5

5 Average Days on the Market and Median Sales Price Average Days on Market , , , , , , , , , , ,000 Median Sales Price Birmingham DOM Birmingham Median Sales Price This report is compiled and brought to you by ACRE Research. You should not treat any information expressed in ACRE Reports as a specific inducement to make a particular investment or follow a particular strategy. The Alabama Center for Real Estate (ACRE) and/or its partners/work product sponsors does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. ACRE will not be liable for any loss or damage caused by your reliance on information contained in ACRE Reports. Page 5 of 5