Birmingham Area MLS Observations:
Total active listings increased from 10,542 in December * to 10,953 in January an increase of 411 or 3.9% See page E-3. After 4 months of declining new house new listings there were 735 new house new listings, while sales of new houses declined to 353 for the month. Sales of new houses were roughly one half the rate of new listings in January (a pretty big change) See section B page 1. The bulk of the increase in new house new listings was in the $100,000 to $400,000 range and fairly widely dispersed geographically (see section A page 18).
Active New listings increased from 3,284 last month to 3,372 this month, an increase of 124 page E-3.
Active Used listings increased from 7,258 last month to 7,581 this month, an increase of 323 page E-3.
Total dollar sales decreased substantially to $ 226,143,097 in January (just slightly higher than last year’s record sales level for January) from $ 287,031,523 in December in dollar terms. Note that January is typically a weak month (Chart section A page 4).
Total unit sales decreased slightly from 1461 in December to 1129 in January a decline of 332 units.
New sales decreased from 573 homes last month to 357 this month, an increase of 216.
Used sales declined from 888 homes last month to 772 this month, a decrease of 116.
Absorption for new homes deteriorated to 6.6 months of inventory in January from 6.4 in December. This is only a marginal increase over last year at this time, see Section E page
Absorption for used homes deteriorated to 7.1 months of inventory in January from 6.8 in December. This is a two month increase from last year’s level at this time see Section E page
A slow down in withdrawals (failures) and increased new listings, along with low sales levels contributed to the deteriorated inventory levels.
Average Days on Market for sold houses increased for new houses at from 115 days to 124 days, and there was a slight deterioration from 86 to 100 days for used houses.
Average sales prices for sold new homes increased from $239,941 to $259,941. (Chart sect A p2)
Average sales prices for sold used homes increased from $168,407 to $172,999. (Chart sect A
*All references to last month numbers are revised, to pick up late entries (made after our prior publication date) to the MLS system.