I was talking with someone the other day and the subject of the Birmingham Alabama Luxury Home Market came up. Based upon statistics from the Birmingham MLS, luxury home sales are up. Why? Really, it is hard to explain why, but we can speculate.
Perhaps it is because there were more homes listed and the inventory was higher. Maybe the mortgage situation we are experiencing right now doesn't affect those who are in this market right now. There is a thought process that says that those in good financial standing with a strong credit score can still buy homes. Based on the data buyers are purchasing homes getting sellers to drop the price about 1.06% lower than last year. So maybe buyers are just getting a better deal this year.
Either way, there is still a large inventory of million dollar homes on the market right now. You can see that they are priced about $230,000 higher than the average sold for the year thus far. It still looks like homes that are priced right, at any level, still sell faster.
Sold Properties
Date Range |
Number Sold |
Average Price |
Price Range |
Days on Market |
Percent of Asking Price |
Jan-Aug 2006 |
60 |
1,385,359 |
1,000,000 - 2,700,000 |
111 |
95.50% |
Jan-Aug 2007 |
73 |
1,480,211 |
1,000,000 - 3,495,000 |
113 |
94.56% |
Listed Properties
Date Range |
Number Listed |
Average Price |
Price Range |
Days on Market |
Percent of Asking Price |
Jan-Aug 2006 |
170 |
1,536,317 |
1,000,000-3,949,000 |
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Jan-Aug 2007 |
215 |
1,548,900 |
1,000,000-4,999,000 |
Properties Still Active
Date Range |
Number Active |
Average Price |
Price Range |
Days on Market |
Percent of Asking Price |
Present: as of 9/18/07 |
154 |
1,652,804 |
1,000,000-4,999,999 |
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* Areas included are Jefferson, Shelby, and St. Clair Counties
* All statistics are accurate as of 9/18/07 according to the Birmingham MLS
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