Riverchase subdivision- Hoover, AL real estate market report August 2015
The Riverchase subdivision is located in both Jefferson and Shelby counties in Hoover, Alabama. The subdivision is built around an 18 hole
golf course that is part of the Riverchase Country Club. Also included are tennis courts, an olympic size swimming pool, and clubhouse. This development began around 1976 and is a popular location for home buyers in the Hoover, Alabama area.
I’ve performed countless appraisal assignments in Riverchase 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.
From data supplied by the Birmingham MLS the following statistics reflect sales activity from August 1, 2014 to August 1, 2015:
Median Sales Price
The median sale price of all homes sold during this 12 month period was $324,750.
Average Price Per Square Foot
The average price per square foot of all homes sold from August of 2014 through July of 2015 was $115.00.
Average Days on Market
On the average it took approximately 103 days, or just over 3 months, to sell a home in the Riverchase neighborhood.
Sale Price to List Price Ratio
97%- This means that the final sale price was approximately 97% of the final list price before going under contract.
Number of Sales in Past 12 Months
There were approximately 73 homes that sold over the past 12 months.
Current Riverchase neighborhood Homes For Sale Inventory Levels
At the time of this writing there were approximately 30 active listings, ranging in price from $199,900 to $799,900. Pending and contingent listings consist of 11 homes ranging in price from $217,500 to $699,000
Comments
As I noted previously the Riverchase neighborhood is a popular area 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 waterfront as well as golf course lots.
Price levels have been fairly stable over the last several years, however during the last quarter of 2014, and the last several months, the average prices of home sales per quarter were in the range that has not been seen since 2006. This positive direction in price levels is expected to continue barring any unforeseen circumstances.
Question
If you have any questions about sales in the Riverchase subdivision or you need a pre-listing appraisal feel free to get in contact with me.
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I like seeing what your market is doing, Tom. This subdivision is located in two counties? Do you notice any difference in price depending on the county location?
Yes it is Ryan but there is no difference between the counties. Thanks for commenting.
We live in Riverchase and are zoned for Shelby County. The advantage to this is that you do not pay the Jefferson county sewer tax which is a substantial savings on your water bill.
That’s interesting John. I know that has to be an incentive for a buyer but I’m not sure if I have seen a significant impact on the selling price of a home, however I will definitely be looking at this in the future. I know there is only a small portion of Riverchase in Jefferson county, on the west side of the development. Thank you for sharing.