Beaumont Subdivision, Birmingham, AL-Home Sales: 2007-2015

Beaumont Subdivision, Birmingham, AL-Home Sales: 2007-2015

Beaumont subdivision is located in the Inverness area of Birmingham, AL west of Highway 280 and north of Valleydale Road. The subdivision is approximately 8 years old and has Charleston style homes. The area is convenient to all locations within the Birmingham metro area by way of Highway 280 and Valleydale Road which lead to I-459 and I-65. Market appeal is very good with access to shopping, schools, and employment area being very convenient.

Average Sold Price Trends

The average sold price per year over the 8 year period ranged from a little more than $246,000 in 2011 to approximately $384,000 in 2007. For 2014 the average was around $295,000, which was similar to the past 6 years with the exception of 2011.

Beaumont SubDiv Average Sale Price Per Year

Sale Price to List Price Ratio

The sale price to list price ratio measures the percentage difference between what the home was listed at right before it sold and its final sale price. Obviously the closer to 100% the better but the majority fall in the 96% to 98% range. This does not take into account any previous listings of the property immediately prior to the last listing. It is possible that the home was listed too high with a previous listings and then re-listed at a lower amount.

Beaumont SD Sale Price to List Price Ratio

Average Days on Market

The days on market measures the time between when the house was listed and when it went under contract. A shorter time period is usually a reflection of low inventory and a longer time would be just the opposite, which would be too much inventory. It can also be a reflection of the home being listed either too high or too low. Listing a home to the market will maximize the sale price and keep the days on market at a reasonable amount. The high for the time period analyzed was 139 days in 2009 and the low was in 2008 at 18 days. The second lowest was last year. Some areas of the Birmingham, AL market were seeing low inventory levels so this low DOM could be reflective of reduced inventory in the subdivision and nearby areas.

Beaumont SD Average Days on Market

Types of Financing in Beaumont Subdivision

The majority of financing in Beaumont has been with conventional loans at 78%. The other 22% of financing types consist of FHA, VA, Cash, and other methods.

Beaumont SD Financing

Conclusion

The Beaumont subdivision was developed at about the same time prices began to decline as a result of the nationwide real estate crash. The first year had the highest yearly average prices with all subsequent  years having a lower figure, and 2011 being the lowest. It will be interesting to see if lower inventory levels in 2015 will help push up the average sale price. If you have any questions about Beaumont or something appraisal related leave me a comment below and we can discuss.

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Comments

  1. Jim Burrow says:

    Tom ,what is the average price per sq. foot now ? Manor homes \ verses cottages?

    • That is hard to say. It is difficult to quote this type of information because of the size difference in homes. With all else being equal a larger home will sell for less per square foot than a smaller one. Taking this type of information and relating it to another property is dangerous because if you took the price per square foot for smaller home and used it to estimate the value of a larger home you would over value it and the same is true for the smaller home. If you are interested in knowing the value of a specific property please give me a call.

  2. Great analysis of the Beaumont Subdivision in Birmingham. Thank you.

  3. It’s interesting to see the trends. Nice job, Tom. It almost looks like current values are similar to where they were in the beginning of 2008 (this is what the Sacramento market is like right now).

    • I agree Ryan. As I said, this neighborhood came online about that time, and it has pretty much as just held steady with not much appreciation.

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