16 • Thursday, March 11, 2021
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OVER THE MOUNTAIN JOURNAL
Realtors Respond
Game Changer
Board of Realtors 2021 President Kelli Gunnells Discusses Residential Housing Market Trends
OTM Market Trends
By Emily Williams-Robertshaw
H
omes 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
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 Birmingham Board of Realtors’ President Kelli Gunnells.
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.”
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.
Journal file photo by Lee Walls
OVER THE MOUNTAIN AMENITIES | OUTDOOR SPACES The Over the Mountain area has long been known for its natural beauty. From Red Mountain to Oak Mountain, government officials and residents have worked hard to preserve and enhance the greenspaces that have been so important for wellbeing over the past 12 months. New parks and community pools have opened in the past two years, providing residents with more opportunities for fun in the sun. Proximity to parks and recreation has always been a strong draw for home buyers. In the spring 2021 selling season, access to the great outdoors may be at the top of their lists. In this section, we feature a glimpse of each city’s outdoor offerings.
We asked some of our friends in the real estate business a few questions about the currnet state of the OTM market as we enter the important spring home buying season. Responses below have been edited for space.
JEMISON PARK This 54-acre linear park designed for preservation as a green way, is used for walking, jogging, reading, bird watching and enjoying a picnic. Visitors are able to relax and enjoy the sights and sounds of nature while strolling along Shades Creek. Other trails in the city include: Irondale Furnace, Cahaba River Walk, Watkins Trace Trail and Nature Trail.
GUSTY GULAS Associate Broker-Team Leader, Gusty Gulas Group In what ways has the pandemic affected the OTM real estate market? The pandemic has allowed people to reevaluate everything about life, like their career, relationships and even their homes. When interest rates dropped to the lowest in history, it allowed people to either refinance their home or take advantage and upgrade to their next home. Over the past 12 months, have you seen any changes in what buyers are looking for? With the trend of employers allowing more flexible work locations and children being home more, we have seen clients seeking more square footage for in-home offices, playrooms/ flex space and gyms. We’re also seeing people moving in an effort to be closer to family. Which OTM neighborhoods are hot right now? Honestly, which neighborhood is not hot? We are frequently seeing multiple offers on accurately priced homes in most areas. Are there any up-and-coming areas where a buyer can find a good deal? Buying a new home is such a personal experience that is unique to each client, that it’s hard to pinpoint any specific area. A good deal has multiple meanings but being able to take advantage of these super-low interest rates allows the majority of homes to be “good deals.” In the end, the best deals are the ones where our buyers are in a home they love, in the location they sought, at a price they’re comfortable with ... with the least amount of stress possible. What advice are you giving to sellers getting ready to list in this market? Be proactive in completing any known repairs and in some cases making needed upgrades. Pricing the home accurately is very important from the start. I have found that our sellers who work with their agent to list their home at a reasonable and accurate price are more likely to see multiple offer scenarios and consistently net more money at closing than when they list at a higher, less realistic
See REAL ESTATE, page 18
