Birmingham Appraisal Blog » Birmingham Alabama

Jefferson County-Birmingham, Alabama: Are You Happy With Your Property Taxes?

Tom Horn — Wed, 04 Aug 2010 03:48:30 +0000

Well, by now Jefferson County residents in Birmingham, Alabama have received their real property tax notices. Are you happy with the recent reassessments the county has made?

In a recent article on Al.com, they reported that approximately 80% of property owners WILL NOT see a change in their property taxes. They have stated that they cannot use foreclosure sales to calculate a homes market value. They have to use “market driven” sales to arrive at the value of your home. In today’s market, in certain areas, foreclosures do drive the market. If “normal sales” have to compete with foreclosure homes, and their sales price is a result of this competition, then foreclosure properties are driving the market. Have you seen the price of homes fall in your neighborhood? Was your assessment lower this year than in the past? It may be worth looking into. Please give me a call at 205-243-9304 if I can help.

Birmingham, Alabama Home Sales-Most Expensive Home Sale in June-2010

Tom Horn — Thu, 08 Jul 2010 01:59:05 +0000

Well, once again the most expensive home sale for June is from the Mountain Brook area. As I have noted in previous posts this area is one of the most exclusive and expensive in the state of Alabama. Overall, homes sales over $500,000 have suffered in the Birmingham, Alabama market, however these luxury homes always seem to have adequate buyers. This months home is located at 3214 Pine Ridge Road and it sold for $2,550,000. It features a pool and a home theater among other things. The home was designed by renowned architect Ed Bailey. You can see and aerial view of it here.

Birmingham, Alabama Home Sales-Most Expensive Home Sale in May-2010

Tom Horn — Tue, 01 Jun 2010 22:56:05 +0000

This months most expensive home sale reported by the Birmingham Multiple Listing Service is located on Red Mountain in the Redmont area of Birmingham, Alabama. The home sold for $2,700,000. It was built in 1922 and is situated on six acres. This area has a lot of historical homes with beautiful architecture. It has a great view of the Birmingham, AL skyline. It seems like as the year moves along the highest priced home sale keeps going up. This may be a good sign. Here is a view from the Bing website. What do you think, pretty nice huh?

Foreclosures Have Big Impact on Birmingham Home Sales

Tom Horn — Mon, 15 Mar 2010 03:36:30 +0000

The Birmingham Association of Realtors recently released sales data for the greater Birmingham market. Over the past 14 months the data indicates that foreclosure sales have held fairly stready with small variations, while traditional sales have varied quite a bit. The traditional sales were at a low in January then peaked around July and then started a decline to another low in February 2010. Because of the two variations in trends, the percent of foreclosure to total homes sales has varied as well. At the beginning and end of the period, foreclosures made up a larger percentage of the total, however in the middle, around July they were at the lowest.

The average sale price of a foreclosure for this 14 month period was $77,884 and the average sales price for a traditional sale was $213,423. You can see how such a difference can bring the average sale price of a home down. Traditional sales will have to maintain high levels and foreclosure sales will have to decrease in order for the average price to climb. What are your thoughts on this happening, considering the state of the economy?

Birmingham Alabama Appraiser : Helena Alabama-Old Cahaba Market Trends-2010 Update

Tom Horn — Sun, 07 Mar 2010 04:59:25 +0000

The following data reflects market trends within the Old Cahaba subdivision, located in Helena, Alabama. This is a large development that is located on the Cahaba River. It offers a clubhouse and pool to residents. There are several styles of homes available, with some built on slab foundations and others having basements. Each type of home has its own supply and demand characteristics. I say this to let you know that the data I am providing pertains to 1 and 2 story slab homes, built within the last 10 years. Generally speaking they have 3 to 4 bedrooms and 2 bathrooms with an attached 2 car garage.

The data reflects an overall downward trend from March of 2006 to February of 2010 with slight variations in between, however it appears the price drop bottomed out around 7/2009. Prices appear to have started climbing during the 4th quarter of 2009, and continue to do so however they are still not at the level they were in 4th quarter of 2006. The average sales price has slowly gone down since 2006 with the largest drop in 2009. The days on market has fluctuated over the 4 year period with a slight downward trend. The number of sales has dropped off during the four year period. Finally, the median sold price which typically gives a better picture of the trend because it is not influenced by highs and lows as the average is, has also decreased.

Sold records in Old Cahaba from 1/2006 to 12/2006 revealed the following:

Average Sales Price: $198,800
Median Sold Price: $192,500
Average Days on Market: 90
Number Of Sales: 80

Sold records in Old Cahaba from 1/2007 to 12/2007 revealed the following:

Average Sales Price: $198,916
Median Sold Price: $190,975
Average Days on Market: 120

Number of Sales: 65

Sold records in Old Cahaba from 1/2008 to 12/2008 revealed the following:

Average Sales Price: $194,599
Median Sold Price: $188,450
Average Days on Market: 69
Number of Sales: 65

Sold records in Old Cahaba from 1/2009 to 12/2009 revealed the following:

Average Sales Price: $179,524
Median Sold Price: $167,100
Average Days on Market: 97
Number Of Sales: 33