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Lake Forest Fall 2017 Sales Update

Alabaster’s Lake Forest is one of the neighborhoods that people looking for a home in Birmingham, Alabama, frequently choose.  It’s easy to see why.  With a private lake, playground and walking trails, this community is one of the most desired areas in all of Shelby county. Resale values are strong. Buyers choose Lake Forest because it has so much to offer—this was true even before the City of Alabaster formed its own school system.

We have sold many homes over the years in this neighborhood alone.

Fall 2017 sales update:
Compared to the same period last year, fewer homes have sold in Lake Forest. The last time a home sold in the neighborhood was two months ago. Of the nine homes available for sale in Lake Forest at the moment, five have had at least one price reduction. These factors suggest that the real estate market is shifting from one that has favored Sellers to one more favoring Buyers.

On average, getting a home sold recently has taken three months. Part of this market shift is likely seasonal, with many families having already chosen a home prior to the start of school. Sold prices for 2017 are up, compared to 2016, according to the Greater Alabama MLS.

Homes currently for sale: 9 (listed from lowest to highest)

…100 Red Bay Dr, 4/2.5, listed 6/26/17 @ $229,900;
…428 Red Bay Cv, 4/2, listed 8/24/17 @ $234,900;
…205 Lake Forest Way, 4/2.5, listed 9/18/17 @ $245,000;
…429 Red Bay Cv, 4/3.5 (new construction), listed 1/7/16 @ $280,605, reduced to $249,900;
…139 Scarlet Oak Dr, 4/3, listed 9/1/17 @ $284,900, reduced to $274,900;
…305 Sweet Leaf Dr, 5/3, listed 5/11/17 @ $312,900, reduced to $299,900;
…205 Red Bay Dr, 4/3.5, listed 9/18/17 @ $344,900, reduced to $339,500;
…188 Red Bay Dr, 4/4.5, listed 8/18/17 @ $379,900, reduced to $349,900; and
…232 Red Bay Dr, 3/2.5, listed 9/30/17 @ $379,900

Average asking price: $289,311
Average days on market: 84

Contingent/Pending (3):
…116 Sugarberry Dr, 3/2 listed 10/13/17 @ $212,000;
…504 Sugarberry Dr, 5/3, Foreclosure, listed 9/25/17 @ $184,500; and
…213 Scenic Lake Cv, 3/2, Listed 8/4/2014 @ $240,000, reduced to $224,900 (scheduled to close in August 2018)

Sold so far this year: 18 (compares to 24 for same period last year)

The private lake with fishing pier is one of many amenities that come with living in Lake Forest.

Sales since JUL 01 2017: 5 (most recent first)
…216 Scenic Lake Cv, 4/3, listed 7/25/17 @ $269,900, sold 8/18/17 for $265,000;
…1126 Eagle Dr, 3/2 (Foreclosure), listed 6/8/17 @ $135,000, sold 8/1/17 for $135,000;
…209 Lake Forest Way, 3/2.5, listed 5/18/17 @ $239,900, sold 7/21/17 for $238,400;
…118 Water Elm Dr, 3/3, listed 6/28/16 @ $274,900, sold 7/20/17 for $254,900;
…236 Red Bay Dr, 5/3.5, listed 3/4/17 @ $389,900, sold 7/14/17 for $389,900

Sales prices JUL 2017 – present:
…Average sales price: $256,640
…Median sales price: $254,900
…Avg days on market: 97

Sales prices for all of 2016:
…Average sales price: $242,976
…Median sales price: $237,450
…Avg days on market: 64

Foreclosure update:
…The home at 504 Sugarberry Dr was Foreclosed on 2/9/17;
…A home in the 200 block of Lake Forest Way was set to be Foreclosed on 10/11/17;
…In the 35007 zip code, 7 homes are currently set for Foreclosure

Thinking about selling your home? We have many years experience helping owners in Lake Forest with getting their homes sold. Contact us today (voice/text: 205-356-5412), and we’ll be happy to help!

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