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2008 Annual Broker Report on HOME SALES

From Dave Mace at the Birmingham Association of Realtors

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.

We have 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". How to counter-balance the negative news dished out every day is a major challenge.

 

BIRMINGHAM AREA MLS HOME SALES REPORT FOR DECEMBER

BIRMINGHAM AREA MLS HOME SALES REPORT December Comparison*:	Number of Sales	Average Sales Price	Median Sales Price	Active Inventory In MLS	Average DOM
2008	798	$174,968	$139,900	10,201	92
2007	1,171	$193,067	$160,000	12,642	101
2006	1,455	$196,479	$166,500	8,505	86
2005	1,377	$207,780	$172,900	6,701	85
2004	1,239	$191,484	$156,000	6,102	81
2003	1,087	$169,232	$142,000	6,419	79
2002	965	$169,532	$145,000	6,273	78
2001	864	$167,036	$134,000	6,222	78
2000	725	$156,820	$128,400	5,884	69

* 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

1. The December 2008 Average Sales Price represents a 9% decrease compared to November 2007. The average price for the year 2008 is 5% behind last year.
2. 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.

 

BIRMINGHAM AREA MLS HOME SALES REPORT FOR ALL OF 2008

2008 vs. 2007 Annual MLS Activity: Entire MLS	Inventory	Total Sold	Average Price	Median Price	DOM
2008	10,201	12,454	$188,552	$153,400	100
2007	12,642	17,471	$198,240	$160,300	96
Notes	19% decrease in listings	29% decrease in sales	5% decrease in average price	4.3% decrease in median price	DOM excludes new home sales