Pelham, AL home sales during 2013 showed positive direction in most areas over 2012. Pelham is located in Shelby County Alabama, one of the fastest growing counties in the state, and about 30 minutes south of Birmingham. Pelham provides convenient access to many locations around the Birmingham metro area and offers good affordable housing. I thought I would share some facts, so lets take a look, and if you would like to share these statistics with your Twitter followers click here.
Unpacking the Pelham Numbers
1) There was a 7% decrease in Median Sales Price for 2013 over 2012’s median sales price of $170,000. This was a surprise because many areas are seeing an increase in this statistic. As you can see from the other stats it appears that there was an increase in total dollar sales volume but this appears to have been the result of more sales transactions and not an increase in sales price.
2) The Average Sales Price also decreased by approximately 4% in 2013 from 2012’s average sales price of $190,000, and this appears to have been caused by the same reason as the median sale price I mentioned above.
3) A decrease of 14% in Short Sales and Foreclosures did not really help to increase the median and average sale price like you might think. Distress sales went from 59 in 2012 to 51 in 2013 which does not appear to have been significant enough to influence the average and median sales.
4) A minor reduction in inventory levels had little affect on Days on Market, going from 87 days in 2012 to 89 in 2013. It will take a larger reduction before we start to see a decrease in the days on market.
5) Total Dollar Sales Volume increased by approximately 13%. This appears to have been the result of more homes selling and not necessarily an increase in the average sale price. This was a surprise because other areas had an increase in average and median sale price along with the total dollar sales volume.
6) A slight decrease in inventory levels resulted in a similar increase of 1% in the Sale Price to List Price ratio, not significant but worth noting.
7) The Total Number of Home Sales went from 233 in 2012 to 272 in 2013, which was a 17% increase. This increase in demand is a good sign for the housing market.
8) The Months of Inventory decreased by 15% from 2012 to 2013. The months of inventory is the amount of time it would take to sell off the existing inventory if no more homes were added, and is based on the rate of sales of the previous 12 months.
The two Pelham house sales statistics that surprised me the most were the decrease in median and average sales price. It appears that the increase in total dollar sales volume was a result of more sales rather than more expensive sales. This resulted in Pelham being one of the more affordable places to live compared to 2012, when compare to nearby communities. What are your thoughts? To continue my school color theme I created the sales number chart using the Pelham High School colors, I hope you enjoy it.
If you found value or entertainment in this post you can subscribe by email or RSS feed. Thanks for visiting.
Great visual to help illustrate the market, Tom. Way to go!
Thanks Ryan.