Bluff Park-Hoover, AL Real Estate Market Report-February 2015

Bluff Park-Hoover, AL Real Estate Market Report-February 2015

I recently completed an appraisal assignment in the Bluff Park area of Hoover, AL and thought I would share with you some house sales stats that I found. In case you are not familiar with Bluff Park, it is an area of Hoover between Hwy. 31 and Shades Crest Road, and being north of I-459. This area, while having some newer construction, consists largely of older residences, with a large percentage of the homes being built from the 1940’s to the 1970’s, however there has been newer construction since then but not a large scale. Due to the limited land available for development it is not uncommon for buyers to purchase an older residence and totally renovate it, all the while keeping the quaintness of the home intact.

This area has good access to most areas of the Birmingham metro area by way of nearby I-65 and I-459. It is popular among buyers due to its convenient location and beautiful scenery. For purposes of this report I only pulled sales that have Bluff Park Elementary as the elementary school so as to only include those homes in the immediate Bluff Park neighborhood. Lets take a look at what’s happening in this area.

Bluff Park Home Sales

During the month of January 2015 there were 6 home that sold. Lets take a closer look at what sold and how it compared to 2014. Just so you’ll know, these stats where taken from the Birmingham Area Multiple Listing Service as of 2/15/2015.

• The average list price for the homes that closed in January of 2015 was $203,100
• The average list price for the homes that closed in January of 2014 was $237,811
• The average sale price for the homes that closed in January of 2015 was $193,733
• The average sale price for the homes that closed in January of 2014 was $226,833
• The average market time for the homes that closed in Janury of 2015 was 98 days.
• The average market time for the homes that closed in January of 2014 was 107 days.

Homes Under Contract For January 2015

There were 8 homes that went under contract during the month of January 2015. The average list price of these homes was $237,737 with an average days on market (DOM) of 83.

Current February 2015 Home For Sale Inventory Levels

There are currently 42 homes for sale in the Bluff Park-Hoover, Al area with an average list price of $262,484. The average days on market is 69.

Bluff Park-Hoover, AL Real Estate Market Analysis

The average sale price and list price of homes in January of 2015 compared to 2014 decreased by about 15%. There was only a small difference in the days on market between 2014 and 2015. The reduction in sale price from 2014 to 2015 shows us that the market was driven more by buyers than sellers. This market has historically been pretty strong due to good appeal to the market. These numbers are expected to get better as the year progresses and we get into the spring season, which I believe we can see when looking at the average list price for what is now currently available for sale.

Question

If you have any questions about the Bluff Park-Hoover, AL Real Estate Market Report feel free to contact me and we can discuss or leave a comment below.

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