In evaluating the Hoover real estate market, it is clear that this segment is performing better than the greater metro Birmingham market overall. Take a look at the chart below for Hoover conventional single family (Jefferson and Shelby Counties):
A couple of things to note about the Hoover real estate market during last three months of 2009 vs. the last three months of 2008. Unit sales for the fourth quarter are up 41%! In terms of dollars, sales are up 19%! The 90-day moving average of months inventory (see explanation above) for the past two months is down from the prior year. There are a few negatives for the Hoover real estate market. The average price for homes sold is down almost 8%. Inventory levels continue to be high but the good news for sellers is that homes are not being discounted as much relative to list prices (93.39% in 2008 vs. 95.66% in 2009). It is also taking longer to sell a house now than last year.
In summary, there are some bright spots going into 2010 and I am hopeful that the market will continue to gain momentum in the coming months. In the coming week, I will post real estate market reports for some of the larger neighborhoods in Hoover to provide further insight into how the real estate market is performing at the most local level. If you would like market data on your home or neighborhood, email me at firstname.lastname@example.org. Alternatively, you can set up your own search criteria for homes at markcrain.com for free and even have listings emailed directly to your inbox as soon as they come on the market!