Birmingham Alabama Appraiser : Helena Alabama-Old Cahaba Market Trends-2010 Update

The following data reflects market trends within the Old Cahaba subdivision, located in Helena, Alabama. This is a large development that is located on the Cahaba River. It offers a clubhouse and pool to residents. There are several styles of homes available, with some built on slab foundations and others having basements. Each type of home has its own supply and demand characteristics. I say this to let you know that the data I am providing pertains to 1 and 2 story slab homes, built within the last 10 years.  Generally speaking they have 3 to 4 bedrooms and 2 bathrooms with an attached 2 car garage.

The data reflects an overall downward trend from March of 2006 to February of 2010 with slight variations in between, however it appears the price drop bottomed out around 7/2009.  Prices appear to have started climbing during the 4th quarter of 2009, and continue to do so however they are still not at the level they were in 4th quarter of 2006.  The average sales price has slowly gone down since 2006 with the largest drop in 2009.  The days on market has fluctuated over the 4 year period with a slight downward trend.  The number of sales has dropped off  during the four year period.  Finally, the median sold price which typically gives a better picture of the trend because it is not influenced by highs and lows as the average is, has also decreased.

Sold records in Old Cahaba from 1/2006 to 12/2006 revealed the following:

Average Sales Price: $198,800
Median Sold Price: $192,500
Average Days on Market: 90
Number Of Sales: 80

Sold records in Old Cahaba from 1/2007 to 12/2007 revealed the following:

Average Sales Price: $198,916
Median Sold Price: $190,975
Average Days on Market: 120

Number of Sales: 65

Sold records in Old Cahaba from 1/2008 to 12/2008 revealed the following:

Average Sales Price: $194,599
Median Sold Price: $188,450
Average Days on Market: 69
Number of Sales: 65

Sold records in Old Cahaba from 1/2009 to 12/2009 revealed the following:

Average Sales Price: $179,524
Median Sold Price: $167,100
Average Days on Market: 97
Number Of Sales: 33

Comments

  1. It looks like inventory has decreased (or maybe there are just less sales in 2009 than previous years). Interesting, Tom.

    • This time of year typicall has less inventory, however I think the low number of sales is a result of low buyer confidence as well. This is a great time for first time homebuyers since prices are low as well as interest rates. Only time will tell what will happen.

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