By Emily Williams-Robertshaw
Homes perhaps have never been more important than during the year of social distancing and quarantines.
Perhaps that is why the residential real estate industry has seen an expansion of work rather than the shrinkage many other industries have experienced.
When asked to describe what she has seen trending in the market, the Birmingham Board of Realtors’ President Kelli Gunnells stated that the market is hot and can be expected to remain that way.
Gunnells, a Birmingham native, kicked off 2021 by assuming her new role as board president, one of the many ways she has sought to give back to the real estate industry during her career.
She has served on the Birmingham Board of Realtors executive committee since 2017 and is a member of the Alabama Association of Realtors’ board of directors.
In addition, she was president of the Greater Alabama Multiple Listing Service in 2016.
A native of Birmingham, Gunnels is a graduate of the University of Alabama at Birmingham, where she studied marketing and public relations. She then worked in the construction industry for several years before obtaining her real estate license in 1996.
Having worked in the real estate industry for the past 25 years, she now heads The KG Group, which serves the Birmingham metro area with RealtySouth.
Over the past two months, Gunnells said, she has seen move-in ready homes prove to be in high demand.
“Houses that don’t require repairs and those that offer in-demand amenities such as extra space, outdoor living areas and privacy are going fast,” Gunnells said.
For the past few years, home buyers had been trending toward homes with a smaller footprint so they could downsize or simplify. More time spent at home seems to have shifted the game.
“Many buyers are looking for bigger homes and features that create a work-at-home environment, such as a space to work remotely, such as a basement, home office, den and learning areas,” Gunnells said.
According to residential real estate market data provided by the Greater Alabama Multiple Listing Service, nearly all over the mountain communities have seen at least a 10% increase in median sales price over the past 12 months.
“When looking at market data in an area, one should keep in mind the average price per square foot is a variable representing a low and high range influenced by many factors such as curb appeal, neighborhood, size, age and upgrades,” said Gunnells.
“Homeowners and buyers should consult a Realtor to receive a professional and accurate estimate of value, which takes into account condition, location and price.”
OTM Market Trends
Homewood
Change in median sales price,
past 12 months – 10% Increase
Current median listing price – $485,000
Median sales price, past 6 months – $412,500
Current average price per sq. ft. – $243
Hoover
Change in median sales price,
past 12 months – 9% Increase
Current median listing price – $599,900
Median sales price, past 6 months – $370,000
Current average price per sq. ft. – $190
Mountain Brook
Change in median sales price,
past 12 months – 10% Increase
Current median listing price – $1,310,794
Median sales price, past 6 months – $717,450
Current average price per sq. ft. – $353
Vestavia Hills
Change in median sales price,
past 12 months – 14% Increase
Current median listing price – $650,000
Median sales price, past 6 months – $449,000
Current average price per sq. ft. – $212
North Shelby County
Change in median sales price,
past 12 months – 10% Increase
Current median listing price – $635,000
Median sales price, past 6 months – $349,000
Current average price per sq. ft. – $212
Residential real estate market data provided by the Greater Alabama Multiple Listing Service.
