Susan Hogg 205-533-4810
Broker / A Reality Realty
Homes are still selling in both these markets, albeit at lower numbers, but Helena/Pelham is performing better than Hoover in ratio of sales to listing inventory. Many factors would influence the decision of which property to sell this year. Without having specifics its hard to make a recommendation but in general, if you had to sell today, Helena would be the one.
I do not see a price increase coming anytime soon. For the last 24 months, in any model you look at including 3,6 or 12 months revolving sales, both Hoover and Helena/Pelham have seen a drop in the average sales price and they continue to drop through the first quarter this year. There will be no price increases until inventory levels match closer to demand levels. Here's hoping that happens soon because it will help us all.
Both areas are still very good markets. I would probably live in the one that needed the least amount of renovations to cut down on the stress of living in it while the work is being completed. Market trend projections are pointing toward price increases later in the year but we are already seeing new construction prices increase. Existing homes are holding steady. However, with the recent influx of listings in the Bham MLS system it is going to continue to be a buyers market until we reduce the inventory. My best advice is to make the house look better than all the other homes in it's market without having to overprice it.
Please feel free to contact me if I can assist in any way.