Monthly Archives: December 2006
Whenever a new national statistical list is published, I find myself scanning it to see where Birmingham places. It seems Birmingham is usually close to the bottom for positive subjects and close to the top for negatives. Itâ€™s frustrating that such a dismal light is frequently cast upon our city.
In reading yet another list this week, I noticed a change. According to sources Fortune has contacted, Birmingham rates #6 and # 10 of best places in the country to own real estate. A 4.4% increase in home prices is projected for the coming year. This, when a lot of markets are seeing prices decline. In fact, 36 of the top 100 biggest markets are predicted to lose ground. Pretty impressive! I love the stability we have here.
Itâ€™s refreshing to know the Birmingham area is emerging as a shining star. Not just in real estate, but in many other areas, as well. Not that it really makes a difference to those of us who live here. In fact, most have known it all along.
As a Realtor and resident of Alabasterâ€™s Lake Forest community, I make it a point to consistently track home sales and their values here in the neighborhood. Itâ€™s also interesting to compare our neighborhood to surrounding areas. After all, donâ€™t we all want confirmation that we live in a desirable area where the values will continue to increase and our primary real estate investment is sound?
Currently, according to the Birmingham Association of Realtorsâ€™ Multiple Listings data, there are 28 homes for sale in our neighborhood. The average asking price is $292,939, and they have been on the market an average of 148 days. Nineteen homes have sold over the past six months, and their average sales price was $267,443 (this data does not include homes that are for sale or sold by owner).
While pouring over the numbers and statistics, I wondered how Lake Forestâ€™s numbers played into the Alabaster area as a whole. As of early December, 361 homes were for sale in the City of Alabaster (including Maylene and Saginaw). The average asking price is $214,531, and they have been on the market an average of 118 days. Since June 1st of this year, 425 homes have sold at an average sales price of $282,667, after taking an average of 93 days to sell. With a population of almost 25,000, it looks to me as if we are in a fairly balanced market.
Itâ€™s no secret that 2006 has been a correction year in home sales. Home prices were somewhat flat compared to 2004 & 2005. The good news is that the outlook for the future is very bright. Developers are looking to expand around the corner on Hwy 17, and shopping centers continue to appear on Hwy 31. 2007 promises to be an economically healthy year, especially here in Lake Forest.
Have questions about real estate in Shelby county? Give me a call. Iâ€™ll be glad to helpâ€¦