When it comes to Birmingham, AL real estate, it is essential for everyone from investors and potential homebuyers to current residents to remain up-to-date on what is happening. The information is relevant for investors wondering if they should be renting out their Birmingham, AL investment property and to homeowners wondering if now is a good time to sell a home. At the same time, it is good to keep up with new community developments for those already living in the area.
What, exactly, is going on in the local real estate market?
Rise in Home Sales
One of the best ways to gauge the current real estate market’s strength and its progress toward recovery is to look at home sales. In May, home sales totaled $296,177,859, which is a 29% increase from April of this year. Furthermore, this number is also a 31% increase from May 2012. This information reveals that confidence in the local real estate market is rising.
Increase in Local Projects
In addition to the increase in home sales, there has also been progress in residential project plans for both Jefferson and Shelby counties. Specifically, there has been a 40% increase in residential building permits for these two counties in comparison to 2012. This information coupled with the rise in new homes sales is exceptional news that points to improving real estate markets and local economies for Jefferson and Shelby counties.
Homewood’s New Recreation Center Progress Update At the same time, Homewood’s new recreation center is making progress. The project started in February with a projected cost totaling $16.2 million. The addition of this new recreation center – once completed – could go a long way to help increase nearby property values, which may be of interest to Birmingham, AL investors.
In conclusion, everything from the local real estate market to the economic outlook is definitely improving.
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