Birmingham Alabama Real Estate Luxury Homes Market Watch January-September 2007

The Birmingham Alabama Luxury Home Market has been coming up a lot over the past few weeks based upon statistics from the Birmingham MLS. According to the Birmingham MLS luxury home sales are up. (Let me note for this article, I am classifying luxury properties as those that sell/list for one million or more.)

Sold Properties
Jan-Sept 2006
Number Sold: 69
Average Price: $1,375,566
Price Range: $1,000,000-$2,700,000
Avg. Days on Market: 108
Percent of Asking Price: 95.54%

Jan-Sept 2007
Number Sold: 85
Average Price: $1,463,868
Price Range: $1,000,000-$3,495,000
Avg. Days on Market: 122
Percent of Asking Price:94.66%

According to this, 85 million dollar plus homes have sold so far this year. The highest price sell was $3,495,000 and the average million dollar plus home that sold, sold for $1,463,868. Average days on market for the sold luxury homes was 122 days up 14 days from the same time frame in 2006. However, the average sold price is $1,463,868 which is up $88,302 from the same time period last year.

Listed Properties
Jan-Sept 2006
Number Listed: 216
Average Price: $1,572,977
Price Range: $1,000,000-$4,500,000

Jan-Sept 2007
Number Listed: 239
Average Price: $1,540,245
Price Range: $1,000,000-$4,999,000

According to this, 239 million dollar plus properties have been listed this year. This number is up from 216 properties during the same period last year. Unlike the sold properties though, the average list price is down $33,732. Let me add the even with these numbers being high all of them do not stay on the market. Many are withdrawn or expire and not put back on the market.

Properties Still Active
as of 10/26/07
Number Active: 174
Average Price$1,649,460
Price Range$1,000,000-$4,999,000
Avg. Days on Market: 178

According to this, there are 174 active million dollar plus properties. The highest price home right now is for $4,999,000. Average active price is $1,645,460. The average days on market for the active properties are 178 days.

* Areas included are Jefferson, Shelby, and St. Clair Counties
* All statistics are accurate as of 10/26/07 according to the Birmingham MLS