The speculation is over for sure! (I suppose)
The Birmingham Alabama Real Estate Market was the second best year ever for 2007!
The Birmingham Alabama Real Estate Market trailed 2006, the best year ever for our market, by only 7% with 17,476 transactions.
But what about the prices? Was there a drop there as well?
The median price was $160,800 compared to $161,700 in 2006.
The average selling price was $198,240, compared to $198,340 in 2006
Even the values of new homes sold remained high being the third best ever at $1,300,000,000 just behind $1,500,000,000 of 2006 and $1,360,000,000 of 2005.
According to an article, Home Sales Down But Second Best Year Ever, Birmingham Realtors Say, "A positive trend cited by Brander is a continued decline in the number of area homes listed for sale. There were 12,379 active listings in December, down from 14,247 a month earlier. New home listings dropped from 485 in November to 324 in December."
The executive vice president of the Greater Birmingham Association of Home Builders, Bart Fletcher noted that "the drop in inventory is good for the housing market. Having too many homes on the market puts pressure on prices."
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