Hoover, AL home sales: 1st quarter 2017 vs. 2016

Hoover, AL home sales reflect popularity of area

The city of Hoover, AL continues to be a hot market for home buyers in the Birmingham area. It always seems to be on those lists you see online about great places to live. Hoover, Al home sales typically outpace other suburbs around Birmingham because of the good school system and the variety of homes available.

Hoover has two of the top high school football programs in the state with Hoover High School winning 10 state titles in the past 16 seasons.

Hoover is located just south of the Birmingham metro area and is one of the largest cities in the state. I thought it would be interesting to share some home sales statistics comparing the first quarter of 2016 to the current year of 2017, so let’s take a look.

Hoover, AL home sales by the numbers

Total Homes Sold
The first quarter of 2016 had a total of 382 home sales with the largest number selling in March. HomeHoover AL home sales sales in 2017 closely mirrored 2016 with a total of 381 sales. Sales volume usually shows an increase in March over January and February as we move into spring.

Total Inventory
The inventory for homes in Hoover dropped off in both January and February of 2017 compared toHoover AL total inventory 2016, however, it bounced back in March. The net inventory of homes for 2017 was down 9 units from 2016.

Total Months of Supply
Hoover AL months of supplyThe total months of supply for the first quarter of 2017 changed very little from that of 2016 with an average supply of 4.58 months in 2016 vs. 4.6 months in 2017. The months of inventory is a measure of how long it wold take to sell the current inventory of homes if no other homes were added and given the current rate of sales.

Median Sold Price
Hoover AL median sold priceWhile sales volume from last year to this year has not changed dramatically we have seen a significant increase in median sales price. January and February showed an increase of 12% and 9% respectively while March showed a decline of approximately 3%. This is a net increase of around 6% for the first quarter, no doubt caused by an increase in buyers without a substantial increase in inventory.

Top neighborhoods for Hoover, AL home sales

So, now that we’ve seen what the numbers look like, let’s take a look at what neighborhoods have had the most sales. Two neighborhoods had top sales in both 2016 and 2017. These neighborhoods include Ross Bridge and Greystone, both planned golf course communities. In 2016 Trace Crossings was included in this list, however, it was replaced in 2017 with the Riverchase neighborhood. These subdivisions are larger developments that appeal to a large number of buyers these days.

Question

So what are your thoughts on Hoover, AL homes sales? If you’re not from the Birmingham area what is happening where you live? I’d like to hear your opinion so leave a comment below and as always, thanks for reading.

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Comments

  1. Nice graphs, Tom. I like seeing the comparison of similar time-periods because it helps show context. It seems like the market has been fairly similar both years, though it sounds like the median price is up though too.

    • You are correct Ryan. I think we are experiencing an increase in median price due to limited inventory and steady demand. We don’t see huge fluctuations in our area but I think this is a sign that more inventory could level out prices.

      • Tom I am so pleased to be able to post your blog on my RealtySouth Facebook page, Gail Ward Realtor. The time you devote to your blog is astounding and always provides fantastic insight to our market and different subdivisions we service. Gail Ward RealtySouth Inverness.

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