Hillsboro Subdivision, Helena, AL-Home Sales, March 2014-2015
New home sales have showed modest improvement within the general Birmingham, AL area over the last year, however it typically depends on the area they’re located in. Helena, AL is one area that new construction appears to be doing well, so when I was working in the Hillsboro neighborhood recently there was plenty of sales to use when working up the appraisal. I want to share with you what I found, so lets take a look at Hillsboro subdivision, Helena, AL-home sales over the past year.
Housing inventory in balance
Over the past 12 months, from March of 2014 to March of 2015, there were 74 home sales in Hillsboro, which
is a little over 6 sales per month. There are currently 32 homes either listed for sale or under contract, which equates to a little over 5 months worth of inventory. This is calculated by taking the number of homes that are currently listed for sale, and under contract, and dividing it by the rate of sales for a given period. This figure will tell you how many months of inventory there currently is. Different areas vary but anywhere from 4-6 months is considered a balanced market. Anything less than this would be a sellers market because there is not enough inventory to satisfy demand and anything more than 7 months would be a buyers market because there is too much inventory.
Average price per square foot
If you take a look at the graph below you will see that the price per square foot has a range from $90 to $150 with an average or $110. The higher figure is for the smaller homes, which there appear to be fewer of. The average price per square foot of $110 reflects a larger number of the two story homes with greater square footage. The trend line for the average price per square foot peaked around August of 2014, and it then took a slight dip, however the trend appears to be increasing.
Average sale price
Sale price’s within Hillsboro during the period of March 2014 to March 2015 range from $170,000 to $332,105 with an average sale price for the year of $263,000. The graph below shows the average sale price on a monthly basis for the entire 12 month period. The trend reached a peak around November and then started to decline going into February. This should show an increase going into the spring and summer months.
Current inventory
As noted previously there are currently 32 homes either actively listed for sale or under contract. Based on the past year of sale data and price trends it appears that the demand for homes in the Hillsboro subdivision has been good and this is expected to continue into the spring and summer of 2015 based on pent up demand and the current temperament of the market.
Conclusion
What are your thoughts on the current real estate market in your area? How does it compare with Hillsboro? If you have any additional questions about Hillsboro or any other area in the Helena area feel free to contact me or leave a comment below.
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Nice job, Tom. Love the graphs. There is a Hillsboro Lane in Sacramento. 🙂
Thanks Ryan. Interesting to see how many areas have a Hillsboro.
Excellent charts and reporting on Hillsboro Subdivision, Tom!
Thanks Bill, my recent class paid off! This particular subdivision worked out well when graphing the price per square foot because homes are new construction and the square footage was taken from the builders plans and put into the MLS, however our area is very spotty on having accurate square footage. Hope this changes in the future.
Thank you Tom for the detailed look at the Hillsboro market. I’m always learning from the way to analyze things. We have a Hillsboro in my market area as well and when people Google search, your Hillsboro comes up. lol 🙂
Thanks Gary, it’s a small world, huh? I guess Hillsboro is a popular name.