Alabama Residential Real Estate Market Humming
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Despite a slow down the last couple of months, the real estate market in Alabama has been on fire this year. The Birmingham Business Journal reports that Alabama homes sales rose 6.08 percent compared with August 2004. August 2005 sales totaled 40,307 units.
Year-to-date average sale price — that is, the average price from January to August — is also up over last year, to $145,874. The comparable year-to-date price in August 2004 was $127,524. Homes are being snapped up quicker as well, staying on the market an average 133 days in August 2005, compared with 142 days in August 2004, year-to-date.
Comparing August 2005 with the month before, existing home sales fell 0.41 percent, with 5,641 units sold in August compared with 5,664 this past July.
The August 2005 average sales price — in this instance, the average price for the single month of August — set a record for the third month in a row. It was $157,613, increasing 5.44 over July’s average sales price. For the single month of August, average number of days on the market was unchanged at 127, and total number of homes for sale rose by 1.7 percent. According to the center, 26,712 units were on the market in August.
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