If you live in the Waterford subdivision in Calera, Alabama and have been wondering how property values have been doing, I may have the answer for you. I was in the subdivision recently working on a job and collected some interesting sales data. For those not familiar with this neighborhood, Waterford subdivision is located in Calera, Alabama, a small town 15-20 minutes south of Birmingham. It is a large planned unit development (PUD) with a good mix of single family residential homes along with a pool and clubhouse.
Waterford has experienced a decline in home prices over the last 6 years as the chart below illustrates:
This trend in values is not unusual as we have come to expect declines in value recently. If you look at the area of the graph between 2005 and 2008 you will see that there were a greater number of sales from $100,000 on up to just over $250,000, however the total number of sales has continued to decline every year from 2005 to present, including home sales in the upper price ranges. This combination has resulted in lower average prices. Take a look at the table below to view other sales statistics.
The median sales price, which is not affected as much by extremes, shows a decline as well. The last two stats are showing typical behavior for this economic environment, namely the days on market, which is increasing, and the decline in the number of total sales.
While these statistics are not exactly what we would like to see, new home buyers will probably be pretty happy. Interest rates are low as well as home prices, which is never a bad thing for buyers wanting to get into their first home. Are you a first time home buyer? What do you think about the low prices and interest rates?
If you have any real estate appraisal related questions you can call me at 205.243.9304, email me, or connect with me on facebook.
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