I recently had an appraisal assignment in the Timberline subdivision in Calera, Alabama and thought I would share with you some recent market statistics for this popular neighborhood. Calera is located in Shelby County and was one of the fastest growing areas before the real estate crash. It was one of the harder hit areas in the Birmingham area market because there was a lot of new construction activity, however when the crash occurred a lot of builders went out of business leaving a large inventory of new home foreclosures. When the banks sold off these homes the low prices hurt the market resulting in property values going down. The Timberline subdivision is situated around a golf course, with some homes located on the golf course. There are a variety of homes including larger custom built residences and also garden homes. The development also offers a club house. Let’s take a look at the numbers for this neighborhood.
Timberline Subdivision Real Estate Activity For October 2013 vs October 2012
In October of 2013 there were 2 homes that closed within the month for Timberline Subdivision Real Estate. This was a decrease of 1 unit, as there were 3 homes that closed in October of 2012.
The average list price for the homes that closed for October of 2012 was $134,133.
The average list price for the homes that closed for October of 2013 was $184,942.
The average sale price for the homes that closed for October of 2012 was $133,189.
The average sale price for the homes that closed for October of 2013 was $185,442.
The average market time for the homes that closed for October of 2012 was 48 days.
The average market time for the homes that closed for October of 2013 was 29 days.
Homes Under Contract For October 2013
Two homes went under contract in the month of October, which is 3 less than in 2012. The average list price of these homes was $155,900 and the average days on market was 128 days. These numbers are less than one month ago, however this is not uncommon as this time of the year is much slower.
January 2010-2012 Final Year Real Estate Marker Statistics For Timberline Subdivision
For the period of January to December of 2012 there were 19 properties sold.
For the period of January to December of 2011 there were 5 properties sold.
For the period of January to December 2010 there were 6 properties sold.
For the period of January to December in 2012 the average list price was $145,772 the average sale price was $142,595, the average market time was 83 days.
For the period of January to December in 2011 the average list price was $145,360 the average sale price was $141,760 and the average market time was 30 days.
For the period of January to December in 2010 the average list price was $156,183 the average sale price was $143,750 and the average time on the market was 128
Current October 2013 Homes For Sale Inventory Levels
There are currently 12 homes on the market. The average list price of these homes for sale is $187,906. The average days on the market is 104.
Timberline Subdivision Real Estate Market Analysis
The average list and sold price for 2013 has increased over that of 2012. This is due in part to some new construction at higher price points than what occurred last year. The decrease in foreclosure activity has also contributed to an increase in average sales price. In addition, with the decrease in available foreclosures for sale, buyers are purchasing non-distress sales and new construction which has helped increase the average price. Inventory levels have slowly declined over the last several months which is good for sellers as they can demand more for their home because there are not that many others to choose from. This can cause problems with appraisals because we typically measure value by comparing the subject property to other recent closed sales, however we are also able to utilize pending sales if they are available.
I hope you have found this information helpful. If I can answer any additional questions you may have about Calera, you can connect with me on any of the available social media channels I have or give me a call.
If you have any real estate appraisal related questions you can call me at 205.243.9304, email me, or connect with me on Facebook., Twitter, or Youtube.