If you live in Lexington Park subdivision in Gardendale, Alabama I hope this information can be helpful to you. I recently had an assignment in this are of north Jefferson County and collected a lot of good useful data. Gardendale is just north of downtown Birmingham and was showing good signs of growth before the real estate bubble burst several years ago. It still has some new construction activity in scattered areas along with some new commercial development as well.
I compiled sales data from the Birmingham MLS going back to 2006 as you can see in the graph below.
Click to enlarge
I have included a price trend line but even without that can you see what has been happening in the subdivision over the past 6 years? It appears that sales volume in general has decreased and the amount of sales in the upper price ranges has also decreased, which is understandable. Trends like this typically result int he median sales price decreasing also.
Over the past 12 months there were 25 sales, with 2 being foreclosures. At the current time there are 14 homes for sale ranging in price from $129,900 to $234,900. What do you see going on in your neighborhood? Leave me a message below and let me know, and you can always share this with others by just clicking on the facebook button.
If you have any real estate appraisal related questions you can call me at 205.243.9304, email me, or connect with me on Facebook., Twitter, or Youtube.
It looks like the market has tightened. There used to be a range of about $100,000, but it’s closer to $50,000. Interesting. Any thoughts as to what is happening?
I think this subdivision is experiencing the same thing as some others I have looked at, which is the slow economy. The decrease in buyers has resulted in prices being lowered and fewer homes being sold. This is a nice neighborhood with good entry level homes. I think it should bounce back pretty quickly when the market starts to turn around, but I guess time will tell.