Ross Bridge – Hoover, AL Real Estate Market Report-June 2016
I was in the Ross Bridge neighborhood recently for an appraisal assignment. During my market research I discovered some interesting sales data and thought I’d share it with you today. We’re halfway through 2016 and sales through May in the Ross Bridge neighborhood are at 90 homes compared to 72 last year at the same time. That is an increase of 25% over 2015. Every area is different and as you know location is one of the most important factors when it comes to real estate. I’m sure the fact that Ross Bridge offers a championship golf course and spa/resort doesn’t hurt its market appeal.
This week we’re going to take a look at the Ross Bridge neighborhood in the city of Hoover, AL in north Jefferson county. During the month of May 2016 there were 25 home sold. Let’s take a closer look at what sold and how it compared to 2015. Just so you’ll know, these stats were taken from the Greater Alabama MLS and does not include private sales or anything not sold through the MLS.
The median list price for the homes that closed in May of 2015 was $381,625
The median list price for the homes that closed in May of 2016 was $374,675
The median sale price for the homes that closed in May of 2015 was $386,500
The median sale price for the homes that closed in May of 2016 was $392,230
The average days on market for the homes that closed in May of 2015 was 74 days.
The average days on market for the homes that closed in May of 2016 was 46 days.
Homes Under Contract For May 2016
There were 27 homes that went under contract during the month of May 2016. The median list price of these homes was $363,000 with an average days on market (DOM) of 17.
Current June 2016 Home For Sale Inventory Levels
There are currently 65 homes for sale in the Ross Bridge neighborhood of Hoover, Al with a median list price of $410,000. The average days on market is 99. This does not include homes under contract or pending.
Hoover, AL Real Estate Market Analysis
During the month of May some of the top subdivisions in Hoover, AL that had the most sales include the following (in no particular order):
- Lake Cyrus
- Ross Bridge
- Trace Crossings
- The Preserve
- Bluff Park area
The median sale price of homes in Ross Bridge for May of 2016 was approximately 1.5% higher than in May of 2015 with a substantial decrease in the time it took to sell them.
It’s interesting to note that the median list price is lower than the median sold price. This could be due to the fact that a lot of the sales are new construction and the final sale price reflected add ons to the list price.
The decrease in days on market seems to reflect the overall temperature of the local market which has indicated that inventory levels are low and demand is good so homes are not staying on the market long if they are priced well.
Do you have any further questions or comments about the Ross Bridge neighborhood? If so, leave a comment below and let’s keep the conversation going.