Getting your home sold in Shelby County is taking longer in some communities and less time in others, while prices have dropped, according to October statistics from the Birmingham Multiple Listing System.
The average number of days on market increased in Alabaster and Chelsea, but fell in Helena, Pelham and Calera:
Prices continued a downward trend in October, and substantially so, compared to September:
How many homes are selling?
Except for Calera, the number of homes sold in October dropped from September. Chelsea saw the sharpest one month drop, while more homes sold in Calera during October than in September:
Why the uptick in Calera?
Perhaps it’s the large inventory of low cost housing (both new and resale), making for some very attractive deals for first time home buyers, along with the fact that Calera qualifies for USDA financing (which means loans with no down payment required).
I think these statistics are giving us some important messages.
If you’re planning on buying a home, the market is continuing to work very much in your favor in the Birmingham and Shelby County area. Prices have dropped, inventory is in plentiful supply, and loans continue to be very affordable.
If you’re trying to sell, the message these numbers present is that it’s going to take a lot more than just putting a For Sale sign in the yard.
Marketing plays a more critical role than ever, and must be done in innovative ways if your home is to stand out among all the other properties for sale.
Pricing is no less important and will be a huge deciding factor in how quickly you sell, or if you sell, at all (believe me, we have seen examples of both!).
You may also benefit from an informed assessment of your property’s appearance and condition. With so many homes for sale right now, if your property doesn’t sparkle, Buyers will simply move on to another.
These are some very good reasons for trusting the sale of your home to an Agent who’s knowledgeable about the market here in the Shelby Co./Birmingham area and who knows how to achieve success in spite of challenging economic conditions.
How much does it cost to buy a home in the Birmingham/Shelby Co. area?Â Here are a few numbers that really show the variety of inventory and pricing currently available.Â Remember that these are asking, and not sold, prices:
Homes For Sale:Â 370
Under $150,000:Â 125
Helena/Pelham (Shelby Co.)
Homes For Sale:Â 502
Under $150,000:Â Â 148
No. Shelby Co./Hoover
Homes For Sale:Â 725
Under $150,000:Â 30
Homes For Sale:Â Â 287
Under $150,000:Â Â 23
Homes For Sale:Â 334
Under $150,000:Â 203
$150,000-$199,999:Â Â 77
Source:Â Birmingham Multiple Listing System
Here’s hoping you had a Merry Christmas!
As we wind down the last few days of 2008, here’s a look at how many homes are for sale in the Birmingham, Alabaster and Shelby county areas. We did an update like this in November, and it’s interesting to see that—in nearly every case—inventory has dropped from the earlier update. The numbers in parentheses are how many homes were for sale as of the November update:
Alabaster – 372 (389)
Altadena/Cahaba Heights – 33 (50)
Calera – 297 (297)
Clanton – 171 (179)
Columbiana – 44 (52)
Chelsea – 249 (255)
Helena – 245 (269)
Hoover – 939 (982)
Indian Springs – 10 (32)
Inverness – 55 (56)
Liberty Park/Vestavia – 409 (452)
Meadow Brook – 7 (13)
Montevallo – 96 (100)
Pelham – 298 (333)
Vincent – 26 (27)
Source: Birmingham Area Multiple Listing Service
I suppose people are finally deciding that the opportunities to buy a home really are as good as they’re being told. And there’s no doubt about it: As the New Year gets underway, home prices and inventory will continue to offer buyers some of the best deals that have occurred in many years.
Are you a numbers fan? If so, here are a few statistics on October, 2008, home sales in Helena (both Jefferson and Shelby counties), taken from the Birmingham MLS that you may find interesting:
Two of the month’s sales were foreclosures, both in Laurel Woods, for $127,100 (on the market for 70 days), and for $120,000 (on the market for 109 days).
We plan to publish updates like this from time to time, so you’ll have a snapshot of what’s happening with the real estate market in the Birmingham and Shelby county, Alabama areas. Let us know what you think!
Here’s a look at the number of homes for sale in a few different parts of Shelby and Jefferson counties, as of October 24, 2008, from the Birmingham Area Multiple Listing Service:
Old Cahaba (Helena): 43
Ballantrae (Pelham): 65
Riverchase (Hoover): 50
Wild Timber (Pelham): 7
Savannah Pointe (Calera): 31
Saddle Lake Farms (Alabaster): 9
Stonehaven (Pelham): 20
Needless to say, the numbers certainly show that you’ve got a lot of choices if you’re thinking of buying a home in the Birmingham or Shelby county area. Whatever the style, whatever the price you want to pay and whatever the neighborhood you’d like to be in, there are options aplenty. Let us know if we can help…