Market Trends: Ballantrae Neighborhood Of Pelham, AL-2014 Year To Date

Ballantrae Price Trends

I recently worked on an assignment in Ballantrae subdivision in Pelham and collected some home sales data that I thought I would share with you. It turns out that the number of homes sold in 2014 was the same as 2013 through the month of September as of the date this post was put together (10/2/2014). There was a total of 71 homes that sold in Ballantrae.

Ballantrae home sales 2014

It appears that most of the homes fall within a range of $200,000 to $400,000, however there is one outlier that sold for $580,208 in May. I would not like to do an appraisal for that sale because it, as you can see, there have not been any other homes sold in that price range this year. It would be necessary to look beyond the immediate neighborhood to other areas within the Pelham area. This would be acceptable if the other neighborhood had a similar school system, quality of homes, and buyers would view this as a similar place to live.

Current Inventory of Homes In Ballantrae
  • There are currently 61 homes for sale
  • Price range of active listings is $202,500-$825,000
  • 55 listings are between $200,00-$400,00
  • 6 listings are between $400,000-$825,000
What Does The Current Inventory Of Homes In Ballantrae Tell Us?

The active inventory tells us some interesting things. Since most of the active listings are within the range of the recent sales then we canBallantrae home sales assume that the market is at least in balance. If they were lower then that would indicate the market was declining. The 6 listings over $400,000 is a good indication that the outlier shown above is not a home that is overbuilt as there are other homes within this price range. The next 6 months will tell us if the market is getting better for homes in the upper price ranges if these homes sell. The sale of homes over $400,000 has been slow in the Pelham, Alabaster, Helena area due to strict lending guidelines and a slowly recovering market.

Please let me know if you have any questions about Ballantrae or any other neighborhood in Pelham.

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Comments

  1. Nice graph, Tom. I like the “Wow” because that one is definitely an outlier. There could be a reason why it sold so much higher, but it’s clearly not in line with the rest of the market. Good stuff.

    • Thanks Ryan, the outlier was definitely higher than any recent sales. It’s always easier to appraise when the home falls within the norm for the area.

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