A Look At The Real Estate Market In Shelby County, AL Over The Past Two Years (2009-2010)

I often get asked, because I am a real estate appraiser, how the real estate market is holding up.  I appraise in the Birmingham, AL metro area, including Shelby County Alabama.  As most people know, the real estate market changes over time and also at different times of the year.  To get a better idea of the “bigger” picture it’s a good idea to look at trends over time because this will take into consideration  normal variances, including seasonality.  While house prices are generally down from say 5 years ago, it appears that the market  has held steady over the time period of 2009-2010.

Shelby County Alabama Market Trends:2009-2010

The median sales price for 2009 was $176,250 compared to $175,203 for 2010 and the average sales price for 2009 was $174,416 compared to $176,194 for 2010.  As you can see from the graph above, both the median and average price was relatively stable over this time period.  There did not appear to be any extreme variations.

Some of the things coming up in 2011 that may affect this include more foreclosures being put on the market for sale.  There are large inventories of these homes that could effect the median and average prices.  Changes in unemployment as well as buyer confidence will have an impact too.  The Shelby County unemployment rate decreased in 2010 from 8.7% in January to 6.7% in December (not seasonally adjusted).  This, of course,  should help sales since more people having jobs will increase the number of potential buyers.  What is your prediction for real estate trends in 2011?

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