2006 vs. 2007

The following statistics compare total year-to-date residential sales in 2007 with 2006 as compiled by the Birmingham Area Multiple Listing Service, Inc. of the Birmingham Association of Realtors®. This report includes ALL residential except where noted.

TOTAL SOLD

2007: 17,476

2006: 18,768

Total residential sales were 7% behind last year.

AVERAGE PRICE

2007: $198,259

2006: $198,340

Average prices of homes sold through MLS remain “even” with last year.

MEDIAN PRICE

2007: $160,800

2006: $161,700

Median prices of homes sold through MLS are off less than a percent.

DAYS ON MARKET:

2007: 110

2006: 95

SINGLE FAMILY ONLY SALES:

2007: 15,919

2006: 17,492

Single-family sales were 9% behind last year.

RESIDENTIAL INVENTORY IN MLS:

YEAR 2007

MONTH PROPERTIES IN MLS FOR SALE

December 12,642* lowest since April 2007

November 12,979

October 13,438

September 13,560

August 13,582* highest recorded in history

July 13,477

June 13,294

May 13,183

April 12,895

March 12,524

February 10,840

January 10,330

YEAR 2006

MONTH PROPERTIES IN MLS FOR SALE

December 10,755

November 10,687

October 10,974

September 11,079

August 10,747

July 10,504

June 10,355

May 9,771

April 9,741

March 8,307

February 7,982

January 7,661

1. The Birmingham real estate market traditionally is a steady market with few highs or lows.

2. Total home sales grew annually for the past seven consecutive years until 2007.

3. No industry can sustain growth year after year after year...there has to be an adjustment at some point.

4. What we are experiencing is a buyers market which will continue into this year. Sellers are adjusting their asking prices for their properties. This means home ownership remains affordable...translation...this is an excellent time to buy.

5. The backed-up inventory in MLS is finally moving. August 2007 was the peak for backed-up inventory. Current inventory is the lowest since this April.

6. Consumers have reason to be confident in purchasing now... Birmingham is at the top of the list of the nation’s largest cities for record low unemployment. Mortgage interest rates continue at 40-year lows. We have a diverse home sales market with many choices in all price ranges.

7. NAR has not yet released last year’s stats but expects 2007 to be the 5th best year ever for home sales nationwide. Birmingham’s total residential sales in 2007 were the 2^nd best ever recorded. Birmingham's total single family home sales in 2007 were the 4^th best ever recorded.

8. NAR predicts 2007 median prices to be $217,600. Birmingham median prices are $160,800.

9. NAR predicts 2007 home prices to decline 1.9%. Birmingham average prices have not declined but remain "even" with last year.

10. All real estate is "local"...some markets are "hot" and others are "not".

11. Some of us have never seen a changing real estate market. Business cycles are expected and are normal.

Here are some other Quick Facts about Real Estate you’d like to know (source: National Association Of Realtors)

· Over the past 30 years, home values have risen (nationally) more than 6% annually.

· On average, the value of a home nearly doubles every 10 years (nationally).

· 60% of the average homeowner’s wealth comes from their home’s equity.

· The average homeowner’s net worth is $171,000…that’s nearly 46 times that of a renter’s, who has an average net worth of $4,800.

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The information on these pages is deemed to be accurate but not quaranteed.