So how’s the market… (part 2)

The Real Story…

News and commentary about the real estate market and related topics.

Dave Parrish, ABR ®, CRSA, CSP, GRI, ePRO ®, REALTOR ®, RealtySouth

For an archive of The Real Story visit: http://www.DavidParrishRealtor.com/myblog

So how’s the market… (part 2)

As a continuation of last week’s conversation, I thought it useful to drill down a bit deeper to look a bit closer at that specific portion of the local macro real estate market for the Eastern Area of Birmingham, that is: East Lake, Roebuck, Huffman, Center Point, Pinson, Clay, Trussville, Argo, and Springville. Understand that even this view is at higher level than that used when making a specific estimate of market value.

As you will see in the detail below all of the areas compromising the Eastern Area Market represent a Buyer’s Market … that is 6 months or more of inventory.

For Zip Code: 35206 East Lake/Roebuck

• · Last 6 months of 2009: 143 Sales of which 100 (69.9%) were foreclosures
• · Active Inventory as of 01/31/2010: 240 of which 98 (40.8%) were foreclosures
• · Absorption Rate: 24 Months Inventory: 10
• · Median sales price: $15,111 Lo: $1,000 Hi: $162,500 DOM: 97 SPL: 85.7%
• · Foreclosure Median Sales Price: 100 Sales $10,950 (Lo: $1,000 / Hi: $95,000 DOM: 83 SLP: 83.0%)
• · Non-Foreclosure Median Sales Price: 43 Sales $99,000 (Lo: $6,000 / Hi: $162,500 DOM: 127 SLP: 91.0%)
• · Pending Sales: 28 of which 24 (85.7%) are foreclosures
• · Pending Foreclosure Median Sales Price: 24 Sales 12,900 (Lo: 6,900 / Hi: 58,000 DOM: 62)
• · Pending Non- Foreclosure Median Sales Price:4 Sales 106,700 (Lo: 56,000 / Hi: 164,900 DOM: 177)

For Zip Code: 35235 Huffman

• · Last 6 months of 2009: 156 Sales of which 81 (51.9%) were foreclosures
• · Active Inventory as of 01/31/2010: 218 of which 26 (11.9%) were foreclosures
• · Absorption Rate: 26 Months Inventory: 8
• · Median sales price: $80,950 Lo: $18,000 Hi: $3200,000 DOM: 82 SPL: 93.0%
• · Foreclosure Median Sales Price: 81 Sales $58,000 (Lo: $18,000 / Hi: $205,000 DOM: 75 SLP: 92.7%)
• · Non-Foreclosure Median Sales Price: 75 Sales $115,000 (Lo: $34,000 / Hi: $320,000 DOM: 91 SLP: 93.4%)
• · Pending Sales: 27 of which 21 (77.8.1%) are foreclosures
• · Pending Foreclosure Median Sales Price: 21 Sales 61,900 (Lo: 24,900 / Hi: 123,000 DOM: 82)
• · Pending Non- Foreclosure Median Sales Price: 6 Sales 120,400 (Lo:104,900 / Hi: 125,000 DOM: 94)

For Zip Code: 35215 Center Point

• · Last 6 months of 2009: 296 Sales of which 195 (65.9%) were foreclosures
• · Active Inventory as of 01/31/2010: 458 of which 105 (22.9%) were foreclosures
• · Absorption Rate: 49 Months Inventory: 9
• · Median sales price: $56,250 Lo: $6,550 Hi: $215,000 DOM: 80 SPL: 92.0%
• · Foreclosure Median Sales Price: 195 Sales $38,500 (Lo: $6,550 / Hi: $155,000 DOM: 73 SLP: 91.5%)
• · Non-Foreclosure Median Sales Price: 101 Sales $90,000 (Lo: $19,900 / Hi: $215,000 DOM: 92 SLP: 93.0%)
• · Pending Sales: 70 of which 47 (67.1%) are foreclosures
• · Pending Foreclosure Median Sales Price: 47 Sales 39,900 (Lo: 23,170 / Hi: 119,900 DOM: 83)
• · Pending Non- Foreclosure Median Sales Price: 23 Sales 99,000 (Lo: 17,900 / Hi: 187,900 DOM: 136)

For Zip Code: 35126 Clay/Pinson

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