Ross Bridge – Hoover, AL Real Estate Market Report

Ross Bridge – Hoover, AL Real Estate Market Report-June 2016

Ross Bridge Market ReportI 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.
Ross Bridge Home Sales 2016 vs 2015

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):

  • Greystone
  • 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.

Question

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.

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Comments

  1. Baggins says:

    Statistics and charts? Extrapolation is my hobby, but don’t put too much emphasis on that, it’s the human element that counts and those charts don’t include economic factors, rendering them as simply visually appealing line graphs with coincidental data. According to chart number 4 there, homes will sell themselves before they are even on market, just over one years time from now. Won’t that be something?
    https://anthonymasters.files.wordpress.com/2013/10/extrapolating-xkcd.png?w=547

  2. Thank you Tom for all the Ross Bridge real estate market information. It is appreciated and interesting to see the year over year comparison.

  3. It looks like the market is more aggressive this year. Is it? With the sales to list price ratio higher and DOM lower, that’s what it seems.

    • I agree Ryan. The market has picked up. I think the sale price to list price being higher is a combination of a hot market as well as significant new construction where more features were added to the list price.

      • Kate Giffin says:

        Hi guys, the sales price to list price for new construction in Ross Bridge is almost always higher. The large majority of new construction in Ross Bridge is built by Signature Homes (I know you know this Tom 🙂 ) and I doubt any of those homes closed for the exact base price. Nearly every lot comes with a lot premium adding a couple thousand to the base price and of course most people pay for additional options. Regardless, Ross Bridge remains a very good market to buy and sell homes- if your price and condition is right! Thanks for all the good info, Tom!

        • Hey Kate, thanks for the explanation. I thought that was the case. I know you are super familiar with that area and appreciate your input.

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