How are Riverwoods home sales?
The Riverwoods subdivision is located in north Shelby county in Helena, Alabama. The subdivision is built along the Cahaba River which is the longest free-flowing river in Alabama. The neighborhood offers a pool, clubhouse and walking trails. The development began around 2002 and is a popular location for home buyers in the Helena, Alabama area.
I’ve performed numerous appraisal assignments in the Riverwoods subdivision over the years and thought I would share some market data that I came up with during a recent job I was working on.
The first graph I have included shows all sales activity from 2002 to present. As you might expect, sales were strong from the beginning, however at about the time of the national real estate crisis prices started to decline until 2013 when they started increasing until present.
From data supplied by the Birmingham MLS the following statistics reflect sales activity from September of 2015 to September of 2016:
Median Sales Price
The median sale price of all homes sold during this 12 month period was $386,800.
Median Price Per Square Foot
The median price per square foot of all homes sold from September of 2015 through September of 2016 was $131.00.
Average Days on Market
On the average it took approximately 93 days, or just over 3 months, to sell a home in the Riverwoods neighborhood.
Sale Price to List Price Ratio
99%- This means that the final sale price was approximately 99% of the final list price before going under contract.
Number of Sales in Past 12 Months
There were approximately 35 homes that sold over the past 12 months.
Riverwoods Homes For Sale Inventory Levels
At the time of this writing there were approximately 11 active listings, ranging in price from $269,000 to $529,900. Pending and contingent listings consist of 8 homes ranging in price from $274,900 to $474,900
As I noted previously the Riverwoods neighborhood is a popular area in Helena and the above statistics reflect all sales. Certain price ranges may reflect different numbers.
As an example, as the size of the home increases the price per square typically goes down, if all else is equal, so the average price per square foot for a certain price range home may vary. There are a wide range of variables in this area with some homes being on the Cahaba River or larger lots and others being on garden home size lots.
Price levels in Riverwoods started out strong when the neighborhood began, however they started to decline around 2008 when the national real estate market crashed. Prices started to change direction in 2013 when they began to increase.
Every year since 2013 the median price per year has been at a higher level year after year. This year is showing less because the whole year has not been included. This positive direction in price levels is expected to continue barring any unforeseen circumstances.