Pelham, AL Real Estate Market Report-September 2014
We’re three quarters of the way through 2014 and sales in the overall Birmingham metro area have seen an increase over 2013 so far. Every area is different and as you know location is one of the most important factor when it comes to real estate. This week we’re going to take a look at the city of Pelham, in north Jefferson county. During the month of September 2014 there were 49 home sold. Lets take a closer look at what sold and how it compared to 2013. Just so you’ll know, these stats where taken from the Birmingham Area Multiple Listing Service.
The average list price for the homes that closed in September of 2013 was $207,697
The average list price for the homes that closed in September of 2014 was $208,116
The average sale price for the homes that closed in September of 2013 was $203,911
The average sale price for the homes that closed in September of 2014 was $207,060
The average market time for the homes that closed in September of 2013 was 55 days.
The average market time for the homes that closed in September of 2014 was 53 days.
Homes Under Contract For September 2014
There were 32 homes that went under contract during the month of September 2014. The average list price of these homes was $230,701 with an average days on market (DOM) of 57.
Current September 2014 Home For Sale Inventory Levels
There are currently 169 homes for sale in the Pelham, Al area with an average list price of $281,714. The average days on market is 86.
Pelham, AL Real Estate Market Analysis
During the month of September some of the top 5 areas of town that had the most sales include the following (in no particular order):
- Grey Oaks
- Weatherly (Pelham area)
- Eagle Cove
- Wild Timber
The average sale price of homes in 2014 increased by only about 1.5%, and the average list price difference was negligible. The days on market held stable. This small variation in sale price from 2013 to 2014 shows us that the real estate market is relatively stable at this time with supply and demand being in balance. These numbers are not expected to change much going into the 4th quarter of the year since the market typically slows down due to the holidays compare with the rest of the year.
If you would like to add anything to my analysis please leave a message below, or if you have any other questions about Pelham, AL real estate please let me know.