Hidden Trace subdivision is located in Trussville, Alabama, which is a suburb on the northeast side of Birmingham. It was developed in the mid 1990’s and offers a variety of homes including garden homes built on a slab foundation as well as split foyers and two story traditionally designed homes. The subdivision is in close proximity to shopping, schools, and employment centers. I recently completed an assignment in this area and thought you might like to see how homes have been selling. Take a look at the graph to see how sales have been since 2005.
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While sales are not what they were in 2006 and 2007 it looks as though the market is starting to recover. We are starting to see more sales volume and higher prices than what occurred from 2008 to 2011. At the current time of this writing the Total Number of Houses For Sale in Hidden ridge is 5. They range in listing price from $178,900 to $224,900. Over the past 12 months there were 13 homes that sold from $177,000 to $240,000. Based on the rate of home sales over the past year, and the current inventory, there is approximately 6 months worth of inventory, meaning that if no more homes came on the market for sale it would take 6 months to sell those 5 homes, which indicates that the market is in balance. None of the closed sales in the past year were foreclosures, which is a good sign, however it does appear that two of the five active listings are.
I continue to see good signs in the market such as the decrease in foreclosures and the increase in price and volume. What positive signs have you seen in your neighborhood or market? Leave me a comment and tell me what you think.
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That’s exactly what I thought. I remember thinking – the cardinal sin would be to ignore it, so why not just mention & explain it?. It was something like: “All comparables are affected equally (if at all) by the landfill to the northwest – therefore no locational adjustments were deemed warranted”.
I definitely disclose it within the report, as I would any nearby value influencing factor. I think your comment is spot on as it lets the client know you are aware of it and shows them its effect on the sales and the final value.
Great article. Very informing. In your opinion, is there any incurable external obsolescence from the landfill?
Thanks for the question Andy. The work I have done in the neighborhood involved using sales from within the subdivision so any influence from the landfill would have been built in to the sales. What has been your experience?