I think the headline oversells the progress I have reported For the Birmingham, Alabama real estate market. But as they say, any PR is good PR! My main contention is that we are now seeing the signs of a bottom, of course one hopes that that will be followed by a recovery, and I’m sure it will. But I think we have a ways to go, as much as a year or even two. I’m working on some articles to expand on this for our coverage areas. So stay tuned. in the meantime check out the most recent News article (and my quotes). I do wish they would include a link here as I do to them!
Sunday, May 04, 2008In the Birmingham News, Jerry Underwood, Business editor says:
After a string of monthly sales declines, the Birmingham-area housing market has shown some strains.
New home sales, which have been especially hard hit, showed some vigor in the Birmingham area during March.
The Rudulph-Brander Real Estate Report shows that area new home sales rose in March compared to the previous month.
Plus, the average sales price for an area new home increased to $250,159 in March from $223,663 in February, the report shows.
Sale prices in the Birmingham area have held up well during the entire downturn.
Last June, about the time the slowdown began, the median sales price in the Birmingham area was $170,000. In March, the figure was nearly $160,000 – a drop of less than 6 percent.
These are some of the reasons that Tom Brander noted in his Rudulph-Brander report that signals point to a bottoming out in the market. He’s not predicting a quick turnaround and concedes there still are challenges for the market. But he thinks there’s not much more downside.
“By the way, a bottom does not mean that things are about to get better, just that they may not get a lot worse,” he writes. “Sellers will have to continue to adjust their expectations. There are buyers out there, but they can afford to be very choosy.”
That’s another sign of an improving market. Jerry Underwood is business editor of The News. His e-mail: junderwood@ bhamnews.com