First Look: Birmingham annual home sales hit highest mark since 2006
Topics: Residential Real Estate
Markets: Birmingham Metro
Birmingham metro area home sales hit their highest point since 2006 last year.
According to the Alabama Center for Real Estate's Birmingham 2016 Annual Report (data provided by the Birmingham Association of Realtors), there were 14,705 units sold during 2016, an 11 percent increase over the 13,294 homes sold during 2015.
Click here to read the full Birmingham 2016 Annual Report
The five-year average (2011-15) was 11,657 homes sold, 26 percent below the current results.
Home sales in Birmingham hit a peak of 18,805 during 2006, but that number dropped off to 9,610, the lowest point during the recession in 2010.
Click here to get a snapshot of the Birmingham market for 2016, December and the Fourth Quarter
Inventory has also dropped off from 2015, dipping 2.6 percent to 6,852 units. The area had an average of 5.7 months of housing supply for the year, which means at that pace, it would take 5.7 months to absorb the current housing stock. The market is considered to be balanced at approximately 6 months.