This Trace Crossings real estate market report is the first in a series of neighborhoods I will be reviewing in the Hoover area. As they say, "every market is different" and markets can be defined many ways (e.g., county, city, zip code, etc....) but the neighborhood level is probably the smallest, most local way to view market activity. As most of you know, Trace Crossings is in an ideal location with Hoover High School and Regions Park sitting within the subdivision itself. Take a look at the chart below:
As shown in the real estate market report at left for Trace Crossings, the neighborhood is performing considerably better now than in the last quarter of 2008 in a number of categories. The number of homes sold is higher (up 233%!) and the months of inventory is lower (down 54%). The average and median prices were very comparable to the previous year with increases in both categories during December. There really isn't much bad news for Trace Crossings as its statistics compare pretty closely with Hoover overall except that (1) homes appear to be sitting on the market longer than the Hoover average (see "Avg. DOM") and (2) homes are having to be discounted a bit more from the list prices (see "% Sold to List").
All in all, this real estate market report for Trace Crossings, along with its superior location and design, continues to support my conclusion that this area represents a good value for buyers. Sellers in this neighborhood are better positioned now in comparison to 2008. If you would like a real estate market report for a different area (e.g., within 1/2 mile of your home), email me at email@example.com and I will customize a report specifically for your purposes. Alternatively, if you want to set up your own personal search of properties meeting certain criteria, go to markcrain.com and you can view photos and descriptions of any home(s) in metro Birmingham and have links emailed directly to your inbox for free as properties come on the market!