The new year is upon us, and although we are still recovering in real estate, things are looking up.
In fact, even though we are currently missing the monthly stats for December, it is clear that the end of 2013 closed out a strong year for Birmingham real estate and property management in the area. Here is a look at the stats released for November 2013 and how they fit into overall trends we foresee for 2014. Birmingham Turns In a Solid Year of Price Growth
While December stats have not been released yet, all indications are that they will sum up the main trend: that housing prices rebounded significantly during 2013.
Case in point: the November 2013 stats show that the median selling price for the Birmingham metro market grew by 4.43% from November 2012. Even more tellingly, the year-to-date figure for 2013 as of November grew by 9.91% from 2012.
Birmingham actually had the largest increase in median selling price across all metro markets in Alabama, far above the 4.39% average. Only one midsize market – Lee County – reported a larger increase.
The takeaway is that Birmingham property is increasing in value, which should catch the eye of investors looking for growing markets with upside potential.
Birmingham’s Supply Moves Closer to Normal
In a “normal” real estate market, six to seven months of supply is considered the sign of a balanced market.
In Birmingham, the inventory-to-sales ratio stood at 9.5 months of supply for November 2013, which was up slightly (0.26%) from 2012 but down 1.29% from October 2013.
The trend is that Birmingham’s market, while supply-heavy, is moving toward equilibrium. Investors who make moves now and partner with professional property management are more likely to succeed in Birmingham in the near future as the market matures and transitions from recovery to growth.
Contact gkhouses.com for more information on taking advantage of the Birmingham real estate market in 2014 and positioning yourself for success.