Thru May 2008

SUMMARY: Home sales continued to be slow in January compared to one year ago. Upper bracket sales were so few in number last month, the median and average price of solds in MLS dropped (the database indicates 29% fewer homes sold that were valued at $300,000 or above).

You may be interested to know that home sales in January suffered a blow across the state of Alabama. While Birmingham saw an 18% decrease, Huntsville had a 12.7% decrease, Tuscaloosa a 13.3% decrease, Baldwin County a 28% decrease, and Montgomery a 55.6% decrease.

Now for some good news…inventory in the Birmingham Area MLS is moving! Current backlog is the lowest since February 2007. Interest rates are at historic lows. Unemployment is low. Inflation is low. Sellers are motivated. And buyers have lots of houses to choose from in all price ranges.

TOTAL SOLD
January 2008: 877

January 2007: 1074

Total residential sales are off by 18%.

AVERAGE PRICE

January 2008: $192,152

January 2007: $205,438 Average prices of homes are off by 6.5%.

MEDIAN PRICE

January 2008: $152,500

January 2007: $160,000 Median prices of homes are off by 4.7%.

AVERAGE DAYS ON MARKET:

January 2008: 121

January 2007: 107

RESIDENTIAL INVENTORY IN MLS:

YEAR/MONTH:    TOTALS FOR SALE:

2008:     January           11,757* lowest since February 2007

2007:     December         12,642

             November        12,979

             October           13,438

             September       13,560

             August             13,582* highest recorded

            July                  13,477

             June                 13,294

             May                  13,183

             April                 12,895

             March               12,524

             February           10,840

             January             10,330

2006:    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

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