Rate of depreciation slows, home sales in Spanish Fort, Daphne and Fairhope show Home prices on the Eastern Shore continue to erode but at a much slower pace than last year’s 17.5% depreciation. The average sales price of homes in Spanish Fort, Daphne and Fairhope fell 4.5% since the end of 2009. Generally, we were behind the rest of the country when The Great Recession hit, impacting the housing market. So I expect we’ll be behind the rest of the country in hitting bottom. Sales were down in July, with 73 homes closing, compared to 90 in June. However, pending sales are up from 123 this time last month to 132. Here are the stats for the Eastern Shore:
Total houses for sale: 1,259
Spanish Fort: 154
Daphne: 456
Fairhope: 649
Pending sales
Total: 132
Spanish Fort: 24 Daphne: 66
Fairhope: 42
Closed sales for July 2010
Total: 73
Average sales price: $243,086, down from $252,933 in June but up from $220,403 in May. Median sales price: $208,500, down from $219,033 in June, but again up from May’s $176,950. List to sale percentage: weakened from 96.13% in June to 94.02% in July Spanish Fort: 11
Daphne: 32
Fairhope: 30
(Data from the BaldwinCountyMultiple Listing Service) First half of 2010 was great ... but now what?July 2010 Home sales on the Eastern Shore of Mobile, Ala., in the first half of 2010 posted their best numbers since 2007. And the 2nd quarter home sales between Spanish Fort and Point Clear helped put the numbers over the top with 294 sales, compared with just 157 this time last year and 227 in 2008. Finally, all the factors seemed to work together: the home buyer tax credit low interest rates, which continue today plenty of homes to choose from realistic sellers who corrected prices in tune with the market pent-up buyer demand, which burst as either time or economic fortunes eased buyers’ anxieties
So, we no sooner get to the point that finally things appear to be turning around and the BP Deep Water Horizon explodes, killing 11 and unleashing a toxic and uncontrollable spill into the Gulf. Meanwhile, the stock market starts gyrating again. Everyone starts talking double-dip recession. And hurricane season starts. Now everybody’s sniffling and coughing and wondering if it’s the oil spill dispersants … or maybe just hysterical allergies. Will a hurricane pick up said oil and/or dispersants and deposit them over the Southeast, killing our crops? We’ve got worries! (Hey, my homeowners insurance was cancelled and the new premiums are going to cost me a cool $2K more a year.) If you’re developing a nervous tic, raise your hand. The solution to all this is, of course: football. Just focus on the upcoming season because there’s little to be done about everything else except to hold on for the ride. Oh, and please buy a house from me and buy a newspaper from my husband … we have to pay our homeowner’s insurance. On to the numbers for the 2nd quarter: Eastern Shore: 294 homes sold. Average price was $223,353, down from $230,261 in the 1st quarter. Foreclosures and short sales represented 8% of sales; 24% were new homes. Average time it took to sell: 167 days. Sellers trimmed an average of 4.5% off list to sell. Daphne: 133 homes sold, up from 101 in the 1st quarter. Average price was $180,884. Average days on market: 167 days. Sellers took a little more than 4% off their list prices to sell. (Note: The separate MLS area of Lake Forest was incorporated into Daphne so those statistics will no longer be broken out. Because this change happened this quarter, I cannot retrieve valid sales price statistics for comparison.) Fairhope: 114 homes sold, up from 54 in the 1st quarter. Average price was $259,943, down from $266,308 in the 1st quarter. On average it took 168 days to sell. Sellers sliced an average 5.5% off list price. Spanish Fort: 47 homes sold, up from 29 in the 1st quarter. Average price was $254,780, up from $235,173. It took on average 168 days to sell and sellers took on average 2.63% off their list price.
June 2010 sales hold steadyHome sales remained steady in June, 2010, compared with May in Spanish Fort, Daphne and Fairhope. Ninety homes closed, just as 90 did in May on the Eastern Shore of the Mobile, Ala., metro area. Average sales price improved tremendously, as did the median sales price. List-to-sales price showed a healthy improvement with sellers getting 96.13% of asking price on average. However, the months ahead point to more uncertainty: Pending sales as of July 8, show a 16% decline over the number of homes under contract during the first week in June. Two known factors are at play here: fears of a double-dip recession and the economic impact of the oil spill in the Gulf of Mexico. Here are the stats for the Eastern Shore:
Total houses for sale: 1,270
Spanish Fort: 155
Daphne: 462
Fairhope: 653
Pending sales
Total: 123
Spanish Fort: 14 Daphne: 62
Fairhope: 47
Closed sales for June 2010
Total: 90
Average sales price: $252,933, up from $220,403 in May and $204,151 in April. Median sales price: $219,033, which is up from May’s $176,950 and April’s $186,500. List to sale percentage: 96.13%, which is an improvement from 95.16% in May and 95.25% in April Spanish Fort: 15
Daphne: 37
Fairhope: 38
*Note: The Baldwin Board of Realtors has combined the market area of Lake Forest into Daphne.
(Data from the Baldwin County Multiple Listing Service) May 2010 home sales drift into doldrums May, 2010, home sales on the Eastern Shore declined 16% from April, as the market took a breather after the rush to the finish of the home buyer tax credit. Between Spanish Fort and Point Clear, 90 homes closed, compared with 108 sales in April. Pending sales sagged too, with 146 under contract in the second week of May, compared to 186 a month ago. Seems the summer doldrums have set in early, with slow and variable buyer interest. Unfortunately for existing home sellers, short sales, foreclosures and new construction made up almost half of the sales in this suburban market of the Mobile, Alabama, metro. New homes currently represent 11 percent of inventory; short sales and foreclosures, about 9 percent. But brighter days could be ahead for existing home sellers. Prior to the Great Recession, new construction made up 25 percent to 35 percent of the home market. With the new home inventory shrinking for now, buyers may have to give existing homes more serious consideration.
Here are the stats for the Eastern Shore:
Total houses for sale: 1,243
Spanish Fort: 1136
Daphne: 461
Fairhope: 646
Pending sales
Total: 146
Spanish Fort: 23 Daphne: 61
Fairhope: 62
Closed sales for May 2010
Total: 90
Average sales price: $220,403, which is up from April’s $204,151. Median sales price: $176,950, which is down from April’s $186,500. List to sale percentage: 95.16%, down slightly from 95.25% in April Spanish Fort: 14
Daphne: 43
Fairhope: 33
*Note: The Baldwin Board of Realtors has combined the market area of Lake Forest into Daphne.
(Data from the Baldwin County Multiple Listing Service) Pending sales soar in March 2010Pending sales have soared as the expiration of the home buyer tax credit approaches. By April 8, 173 homes on the Eastern Shore of the Mobile, Alabama Metro area had gone under contract, up from 125 under contract during the first week in March, 2010. Of these, 43 are new construction and 30 are short sales or foreclosures. The First-Time Homebuyer Tax Credit, later expanded to include many previous homeowners, expires April 30. Buyers must have properties under contract by the time to get up to $8,000 in tax credits. Home sales also rose in March to 80 units, up from 63 in February in Spanish Fort, Daphne and Fairhope.
Here are the stats for the Eastern Shore:
Total houses for sale: 1,226, including 72 short sales or foreclosures.
Spanish Fort: 126
Daphne: 383
Fairhope: 604
Lake Forest: 113
Pending sales
Total: 173
Spanish Fort: 27 Daphne: 62
Fairhope: 59
Lake Forest: 25
Closed sales for March 2010
Total: 80 (20 new construction)
Average sales price: $240,787, a slight increase over $240,136 in February and $224,209 in January. Median sales price: $206,750, up from 179,850 in February and $194,500 in January List to sale percentage: 94.84%, down from 95.44% in February, but up from 93% in January Spanish Fort: 10
Daphne: 32
Fairhope: 28
Lake Forest: 10
(Data from the Baldwin County Multiple Listing Service) Home sales make healthy improvement in February 2010Home sales rose 46% in February and pending sales increased almost 7% over January on the Eastern Shore of the Mobile, Alabama, Metro area. Ok, so January is rarely a great month in real estate in Spanish Fort, Daphne and Fairhope. But an increase from 43 sales in January to 63 in February (even with the distractions of Mardi Gras and the Super Bowl) is worth noting. Buyer activity registered through property showings is also up. But does it have staying power? Maybe. People can only put their lives – and the real estate that’s often tied to it – on hold for so long. So there is a long pent-up demand. Home prices are quite attractive on one hand, and some buyers are concerned about the specter of rising mortgage rates. Certainly, the home-buyer tax credit, in which purchase agreements must be in place by April 30, is giving people a reason to move and move now. But there is still uncertainty and reluctance among Realtors and those in related fields to say that “IT” is over. On the horizon: The Home Affordable Alternative Foreclosure Program or HAFA, which goes into effect April 5. This program specifically deals with short sales where a property is worth less than what is owed. A major provision in this program is that lenders will be prohibited from demanding a seller repay the debt that’s released after the home sells. There are many qualifications for sellers and undoubtedly loopholes for lenders, but it’s entirely possible that this may prompt a flood of new “short” properties on the market, whether they will be successful in using HAFA or not. While this may give some sellers much-needed relief, it won’t bode well for stabilizing home prices.
Here are the stats for the Eastern Shore:
Total houses for sale: 1,203, including 74 short sales or foreclosures.
Spanish Fort: 152
Daphne: 373
Fairhope: 563
Lake Forest: 115
Pending sales
Total: 125 (28 are new construction)
Spanish Fort: 16 Daphne: 47
Fairhope: 49
Lake Forest: 13
Closed sales for February 2010
Total: 63 (17 new construction)
Average sales price: Up again to $240,136, from $224,209 in January. Median sales price: $179,850, which is down from $194,500 in January List to sale percentage: 95.44%, up from 93% in January Spanish Fort: 7
Daphne: 28
Fairhope: 21
Lake Forest: 7
(Data from the Baldwin County Multiple Listing Service) If I can help you further in the sale or purchase of your home, please call 251 591-2411. (Yes, people do actually read this and call!)
Pending sales show improvement, but January 2010 home sales weak Pending home sales are showing signs of better days ahead for the real estate market on the Eastern Shore of the Mobile, Alabama, Metro area. January sales were typically weak, at 43 homes sold in Spanish Fort, Daphne and Fairhope, compared with 56 in December 2009. Still, last month’s sales were a slight improvement over January 2009 when just 40 homes sold. This first week in February, 117 homes are under contract, a nice improvement from the 101 under contract in the first of January. Pricing remains soft, with sellers taking on average 7 percent off the list price in January. Inventory is rising, as it always does in the spring. Short sales and foreclosures remain a popular draw for buyers, but only represent 6% of all the homes listed on the Eastern Shore.
Here are the stats for the Eastern Shore:
Total houses for sale: 1,175, including 71 short sales or foreclosures.
Spanish Fort: 148
Daphne: 373
Fairhope: 547
Lake Forest: 107
Pending sales
Total: 117 (3 are new construction)
Spanish Fort: 18 Daphne: 47
Fairhope: 39
Lake Forest: 13
Closed sales for January 2010
Total: 43 (11 new construction)
Average sales price: $224,209, down from $302, 814 in December 2009 (which was skewed by two $1 million-plus sales). Median sales price: $194,500, up $188,041 in December 2009 and $182,801 in November.
List to sale percentage: 93%, down from 94.47% in December 2009 and 95.96% in November Spanish Fort: 12
Daphne: 15
Fairhope: 9
Lake Forest: 7
(Data from the Baldwin County Multiple Listing Service) Gosh it's been grim. But I’m here to tell you that this month – April 2010 – feels like it might as well be 2005, considering the volume of house sales going on. Sure, the homebuyer tax credit expires April 30. Sure, some people moved up their time frames to capture as much as $8,000 in tax credits. But I’m hoping that the effort to get the housing market chugging again like a great locomotive will have staying power. It just takes some time to get the big wheels on the Real Estate Express moving. And maybe, just maybe, sales will maintain a more normal pace. More than 175 homes in Spanish Fort, Daphne and Fairhope are under contract. This is the best first quarter since 2007. Prices have adjusted, and there’s no changing that anytime soon, but at least things are happening again. During the 1st Quarter, 189 homes sold, with an average sales price of $230,261 compared to 157 sales with an average price of $223,575 this time last year. The average time it took to sell was 6 months. ■ 20% of sales were short sales or foreclosures, yet such properties or sellers made up only 6% of the inventory. ■ 28% of sales were over $300,000, while 40% of the 1,237 houses on the market on the Eastern Shore were listed at or over $300,000. But the upper end market has improved, too. On to the stats: ■ Fairhope: 59 homes sold with an average price of $266,308, compared to 59 sales this time last year with an average price of $242,771. On average it took 203 days to sell and sellers took on average 7% off their list prices to sell. Houses on the market here: 607. ■ Daphne: 77 homes sold with an average price of $246,382, compared to 47 sales with an average price of $237,409 during the first quarter last year. It took on average 169 days to sell and sellers sliced on average 4.75% off the price. There are 387 homes on the market. ■ Lake Forest: 24 sold with an average price of $129,816, compared to 24 sales with an average price of $140,756 this time last year. Average market time was 149 days. Sellers took on average 4% less than list price. There are 114 houses on the market here. ■ Spanish Fort: 29 homes sold with an average price of $235,173, slightly up from 27 sales with an average price of $235,161 in the 1st quarter last year. Sellers took on average 4.3% less than list price. Average market time was 167 days. There are 114 homes for sale here. August, 2010 Home prices on the Eastern Shore continue to erode but at a much slower pace than last year’s 17.5% depreciation. The average sales price of homes in Spanish Fort, Daphne and Fairhope fell 4.5% since the end of 2009. Generally, we were behind the rest of the country when The Great Recession hit, impacting the housing market. So I expect we’ll be behind the rest of the country in hitting bottom. Sales were down in July, with 73 homes closing, compared to 90 in June. However, pending sales are up from 123 this time last month to 132. Here are the stats for the Eastern Shore:
Total houses for sale: 1,259
Spanish Fort: 154
Daphne: 456
Fairhope: 649
Pending sales
Total: 132
Spanish Fort: 24 Daphne: 66
Fairhope: 42
Closed sales for July 2010
Total: 73
Average sales price: $243,086, down from $252,933 in June but up from $220,403 in May. Median sales price: $208,500, down from $219,033 in June, but again up from May’s $176,950. List to sale percentage: weakened from 96.13% in June to 94.02% in July Spanish Fort: 11
Daphne: 32
Fairhope: 30
(Data from the BaldwinCountyMultiple Listing Service) Home prices on the Eastern Shore continue to erode but at a much slower pace than last year’s 17.5% depreciation. The average sales price of homes in Spanish Fort, Daphne and Fairhope fell 4.5% since the end of 2009. Generally, we were behind the rest of the country when The Great Recession hit, impacting the housing market. So I expect we’ll be behind the rest of the country in hitting bottom. Sales were down in July, with 73 homes closing, compared to 90 in June. However, pending sales are up from 123 this time last month to 132. Here are the stats for the Eastern Shore:
Total houses for sale: 1,259
Spanish Fort: 154
Daphne: 456
Fairhope: 649
Pending sales
Total: 132
Spanish Fort: 24 Daphne: 66
Fairhope: 42
Closed sales for July 2010
Total: 73
Average sales price: $243,086, down from $252,933 in June but up from $220,403 in May. Median sales price: $208,500, down from $219,033 in June, but again up from May’s $176,950. List to sale percentage: weakened from 96.13% in June to 94.02% in July Spanish Fort: 11
Daphne: 32
Fairhope: 30
(Data from the BaldwinCountyMultiple Listing Service) Home prices on the Eastern Shore continue to erode but at a much slower pace than last year’s 17.5% depreciation. The average sales price of homes in Spanish Fort, Daphne and Fairhope fell 4.5% since the end of 2009. Generally, we were behind the rest of the country when The Great Recession hit, impacting the housing market. So I expect we’ll be behind the rest of the country in hitting bottom. Sales were down in July, with 73 homes closing, compared to 90 in June. However, pending sales are up from 123 this time last month to 132. Here are the stats for the Eastern Shore:
Total houses for sale: 1,259
Spanish Fort: 154
Daphne: 456
Fairhope: 649
Pending sales
Total: 132
Spanish Fort: 24 Daphne: 66
Fairhope: 42
Closed sales for July 2010
Total: 73
Average sales price: $243,086, down from $252,933 in June but up from $220,403 in May. Median sales price: $208,500, down from $219,033 in June, but again up from May’s $176,950. List to sale percentage: weakened from 96.13% in June to 94.02% in July Spanish Fort: 11
Daphne: 32
Fairhope: 30
(Data from the BaldwinCountyMultiple Listing Service) Eastern Shore home prices hit the skids in 2009Statistics can be manipulated. But the evidence shows a 17.5% decline in house values on the Eastern Shore in 2009. Coupled with our deceptive and behind-the-rest-of-the-nation 1% decline in 2008, housing prices are almost back to pre-Hurricane Ivan levels of 2003-04. The picture is a bit brighter in terms of the number of homes sold. Low interest rates, the first-time homebuyer tax credit and an abundance of inventory and incentives helped check the decline in the total sales to only 3.5% compared to 2008. For the year, 803 homes sold between Spanish Fort and Point Clear, compared with 833 last year. Of these sales, 35% (281) were new construction and 14% (110) were foreclosures or short sales. That means “regular” existing home sales represented only half of homes sold. Perhaps because of the entry of first-time buyers into the market, a little more than half of all sales were $200,000 or lower; and 82% of all sales were under $300,000. Yet, at present, only about a third of the Eastern Shore homes for sale are priced under $200,000. Sellers of homes priced over $300,000, which represent a third of the Eastern Shore inventory, will be under great pressure to compete for the few buyers in this market. Realtors and market-watching investors expect foreclosures to become more commonplace in the upper price ranges. But builders with new construction in the $200,000-and-lower range are making sales. Inventory is still high, with some 1,144 homes on the market (compared to 1,082 this time last January). There are no indicators to show that prices have hit bottom or stabilized locally. At the risk of sounding like a used car salesman (my apologies to all those in that noble profession) it’s a good time to buy, as the home-buyer tax credit has been extended to existing home owners who qualify and buy before the April 30 deadline. In fact, buyer activity increased during the Christmas and New Year’s holidays, local Realtors say. Hopefully, that’s a sign of things to come. So now, a look back … On the Eastern Shore, the 4th quarter of 2009 showed improvement in the number of sales, which rose to 183 compared with the 162 during the 4th quarter of 2008, when the housing and banking crisis crested. Average sales price declined from $260,838 during the quarter last year to $230,117 this past quarter. For the year, the average sales price fell from $287,736 in 2008 to $237,020 in 2009. Fairhope: 64 homes sold in the 4th quarter, up from 57 during the same time in 2008. Average price was $265,091, compared with $304,455 the previous year. Average time to sell rose from 172 days to 211 days. For the year, 271 homes were sold, down from 293 in 2009. Average sales price dropped from $353,765 to $275,373 (not a typo). Days on market rose from 197 to 221. Daphne/Montrose: 72 homes sold in the 4th quarter, nearly unchanged from the 69 sales in the 4th quarter of 2008. Average sales price increased from $248,922 to $250,140. Days on market rose from 166 to 176. During all of 2009, 303 homes were sold, compared to 321 in 2008. Average sales price was $238,999, down from $271,599 in 2008. Days on market stretched from 150 to 170. Lake Forest: 27 homes sold, up from 15 in the 4th quarter of 2008. Average sales price dropped from $139,600 in the 4th quarter of 2008 to $134,207 this last quarter. Days on market rose from 124 to 132. For the year, there were 104 sales, compared to 99 in 2008. Average price dropped from $157,355 in 2008 to $142,757 in 2009. Days on market decreased from 159 to 141. Spanish Fort: 20 homes sold in this past quarter, again almost unchanged from the 21 sales in the 4th quarter of 2008. Average sales price went from $268,198 to $175,594 (not a typo). Days on market decreased from 130 to 114. In 2008, 125 homes were sold vs. 120 in 2008. Average price dropped from $277,245 to $227,496. Days on market rose from 140 to 149. Inventory: Here are the current homes on market Spanish Fort: 155 Daphne/Montrose: 362 Fairhope: 523 Lake Forest : 104 December 2009 home sale statistics Home sales on the Eastern Shore of Mobile Bay proved to be weak in December, as sales declined to 56 compared to 65 in November. A poll of Realtors by the National Association of Realtors predicted a lull during the holidays and that was borne out in the statistics. Locally, however, the end-of-year season is usually second only to the April-May rush in sales in the area between Spanish Fort and Point Clear. However, local Realtors report an uptick in buyer inquiries and showings in the last weeks of 2008. Hopefully, that will result in transactions in 2010. For now, pending sales are down slightly from 110 during the first week in December, 2009, to 101 on January 7.
Here are the stats for the Eastern Shore:
Total houses for sale: 1,144
Spanish Fort: 155
Daphne: 362
Fairhope: 523
Lake Forest: 104
Pending sales
Total: 101 (26 are new construction)
Spanish Fort: 20 Daphne: 45
Fairhope: 24
Lake Forest: 12
Closed sales for December 2009
Total: 56
Average sales price: $302, 814, a tremendous increase over $192,968 in November that can be attributed to a $1.75 million sale on Mobile Bay in Daphne and a $2.3 million sale in Fairhope. Median sales price: $188,041, up from $182,801 in November.
List to sale percentage: 94.47%, down from 95.96% in November Spanish Fort: 5
Daphne: 23
Fairhope: 21
Lake Forest: 7
(Data from the Baldwin County Multiple Listing Service)
November 2009 home sales for the Eastern Shore of Mobile Metro areaHome sales improved slightly in November, with 65 properties sold compared with 59 in October.New construction (most selling between $180,000 and $200,000) accounted for 37% of all the sales on the Eastern Shore of the Mobile, Alabama, metro area.For the price-per-square-foot fans, the average in new construction sales was $98.76 a square foot; the low, $77.94; and the high, $126.60. These numbers are significant as an indicator of what sellers of existing homes could hope to sell for, particularly in neighborhoods with competing new construction.The appeal of new construction is not new, but with the home-buyer tax credit initially targeting first-time buyers who are often younger buyers, the attraction of "new" is even stronger. In fact, Move.com reported in November that a survey shows 5 percent expect to buy a home in 2010 and those buyers are also most likely to be 34 years and younger.On the Eastern Shore, new construction incentives sometimes include generous closing cost assistance for buyers, upgrade packages (fences and the like) and selling incentives to Realtors.All of this makes it more difficult for existing home-sellers to compete for sales.Mortgage interest rates remain low - below 5 percent.However, recently announced proposed changes at the Federal Housing Administration may impact the market. FHA loans accounted for 3% of loans in 2006, but now have been used by 30% of borrowers as conventional mortgage credit standards have tightened. Also, FHA loans currently require only 3.5 percent down, a figure that's attractive to home-buyers who suffered financial losses in the market crash.Walking a fine line between helping the housing market and protecting the viability of the FHA, the Obama administration has proposed but not yet adopted:- Requiring more money down
- Limiting seller-paid closing costs to 3 percent instead of the present 6 percent
- Increasing the mortgage insurance premium
FHA loans are limited to $285,000 in Baldwin County.There are other changes expected in January that will affect the duration of time between contract and closing and the viability of some mortgage brokers (as opposed to lenders and banks) to approve loans.
Here are the stats for the Eastern Shore:
Total houses for sale: 1,218
Spanish Fort: 164
Daphne: 381
Fairhope: 549
Lake Forest: 124
Pending sales
Total: 110 (39 are new construction)
Spanish Fort: 17
Daphne: 49
Fairhope: 32
Lake Forest: 12
Closed sales for November 2009
Total: 65
Average sales price: $192,968, down from $204,107 in October, $233,867 in September and $263,997 in August.
Median sales price: $$182,801, up from $179,900 in October, but down from $184,900 in September.
List to sale percentage: 95.96%, down from 96.82% in October and 96.19% in September
Spanish Fort: 9
Daphne: 26
Fairhope: 18
Lake Forest: 12
(Data from the Baldwin County Multiple Listing Service) October, 2009 home sales for the Eastern Shore of Mobile The upcoming expiration of the first-time homebuyer tax credit likely lead to a reduction in home sales in October on the Eastern Shore of the Mobile, Alabama, metro area. Home sales fell from 87 in September to 59 in October in Spanish Fort, Daphne and Fairhope. The first-time homebuyer tax credit of $8,000 was set to expire Nov. 30 and buyers apparently wanted to make that deadline with plenty of time to spare. Other buyers may have been waiting to see what would happen next. At this writing, the U.S. Senate is poised to extend that credit through April 2010 and expand it to people with a $6,500 credit to people who have owned their home at least 5 of the last 8 years (income limits apply). With Senate passage, the bill is expected to be expedited through the house and to President Obama’s desk for signing. Pending sales have improved slightly from 128 at the first of September to 140.
Here are the stats for the Eastern Shore:
Total houses for sale: 1,235
Spanish Fort: 150
Daphne: 400
Fairhope: 560
Lake Forest: 125
Pending sales
Total: 140 (38% new construction)
Spanish Fort: 24 (including 15 new homes)
Daphne: 60 (including 32 new homes)
Fairhope: 37 (including 6 new homes
Lake Forest: 19 (none new)
Closed sales for October 2009
Total: 59
Average sales price: $204,107, down from $233,867 in September and $263,997 in August.
Median sales price: $179,900, down from $184,900in September.
List to sale percentage: 96.82%, an improvement over 96.19% in September
Spanish Fort: 6
Daphne: 21
Fairhope: 24
Lake Forest: 8
(Data from the Baldwin County Multiple Listing Service) If I can help you with any of your home needs, please feel free to call or email. Janet English 251 591-2411 Pace of home sales continues to improve A year after the 2008 financial meltdown, let’s take stock of the correction in home prices on the Eastern Shore. ■ The number of homes sold in the 3rd quarter of 2009 was only 6% behind home sales in the 3rd quarter of 2008. ■ Average sales price this past quarter was $243,176 – 19% lower than the average sales price of $298,947 a year ago. The first statistic shows that the market is stabilizing in one respect. A year ago, home sales between Spanish Fort and Point Clear fell off a cliff. Last summer 128 homes sold in June and another 135 in July. Then came August 2008 with only 84 sales, a 40 percent drop in the number of homes sold. That we are only 6% behind the third quarter of 2008 demonstrates the difficult and momentous shift in attitudes toward home prices. Because home sales involve so many people – lenders, insurers, builders and their suppliers, tradesmen, Realtors, home inspectors, appraisers, movers, furnishers, etc. – they are essential to stable economy, despite the falling prices. Locally, home prices continue to decline. Nationally, the rate of decline slowed for a sixth straight month, according to the S&P/Case Shiller 20-city home price index. Looking at these 20 major metro markets, the index noted a better-than-expected 13.3% decline compared to a year ago. David M. Blitzer, chairman of the index committee at Standard & Poor's, said: "These figures continue to support an indication of stabilization in national real estate values." On the Eastern Shore, 569 price reductions were made on homes in the 3rd quarter; there are 1,209 properties listed. On to the stats: Overall, the pace of sales continues to improve, from 157 sales in the 1st quarter, to 207 in the 2nd quarter to 248 in the 3rd quarter, including 29 foreclosures or short sales (pre-foreclosures). The average time it took to sell was 179 days, a figured skewed by the fact that many properties had already gone through a previous listing. Fairhope/Point Clear: 78 homes sold, compared with 98 a year ago this time and 70 during the 2nd quarter 2009. Average sales price was $300,699, down from $359,262 a year ago and but up from $284,033 in the 2nd quarter. (The sales of three homes over $1.7 million helped boost this quarter’s average.) Average time it took to sell: 202 days. There are 562 houses on the market here. Daphne/Montrose: 107 homes sold compared with 105 sales a year ago, and up from 73 sales the 2nd quarter. Average price was $231,746, down from $289,832 a year ago and $243,600 in the 2nd quarter. Average days on market: 167. There are 373 homes for sale. Lake Forest: 28 homes sold, exactly the same as a year ago and up slightly from the 25 that sold in the 2nd quarter. Average sales price was $150,107, compared to $153,965 a year ago and $145,680 in the 2nd quarter. Average days on market: 137. There are 134 homes for sale here. Spanish Fort: 36 homes sold, compared with 34 a year ago and 39 in the 2nd quarter. Average price was $224,392 vs. $272,853 a year ago and $255,977 in the 2nd quarter. Market time averaged 178 days. There are 140 homes for sale. September 2009 home sales statistics for Spanish Fort, Daphne, FairhopeHome sales in the Eastern Shore of the Mobile, Alabama, metro area improved ever so slightly in September, with 87 sales, compared to 82 sales in August. Pending sales dropped from 158 during the first week of September to 128 during the first week of October in Spanish Fort, Daphne and Fairhope/Point Clear. In typical years – and this is not a typical year – home sales slow during the back-to-school season and pick up again in late October. Whether there will be a last minute rush of buyers trying to qualify for the $8,000 first-time home buyer tax credit that expires Nov. 30, is anybody’s guess.
Here are the stats for the Eastern Shore:
Total houses for sale: 1,211
Spanish Fort: 139
Daphne: 375
Fairhope: 569
Lake Forest: 123
Pending sales
Total: 128
Spanish Fort: 19
Daphne: 60
Fairhope: 35
Lake Forest: 14
Closed sales for September 2009
Total: 87
Average sales price: $233,867, down from $263,997 in August.
Median sales price: $184,900, down from $187,450 in July
List to sale percentage: 96.19%
Spanish Fort: 13
Daphne: 46
Fairhope: 21
Lake Forest: 7
(Data from the Baldwin County Multiple Listing Service) What a difference a year makes: August 2009 home salesA year ago, home sales on the Eastern Shore fell off a cliff. Then they tumbled even further, apparently hitting bottom in the early spring. But that month – August 2008 – showed a breath-taking 40 percent decline in the number of houses sold between Spanish Fort and Point Clear on the Eastern Shore the Mobile Metro area. To demonstrate: 128 homes sold in June 2008 and another 135 sold in July. Then came August, 2008, with only 84 sales. Even with anemic sales, the average sales price was $303,576 and the median was $249,250. Now, a year later, the average sales price was $263,997 and the median was $187,450, a reflection of the extreme correction in housing prices, as well as what type of house is selling. But a year ago, only a little more than a hundred houses were under contract. Now, 158 are in the process of closing, a 34 percent increase over the year, and certainly a hopeful sign. Total sales are virtually unchanged from a year ago with 82 closed last month. Still, more than 200 price adjustments were made by homeowners last month. Foreclosures and short sales (distressed homeowners who owe more than their houses are now worth) represent 4% of listed properties, yet they are 15% of August ‘09 sales and 10% of houses under contract. The lure of a possible deal is as strong as ever, putting price pressure on everyone who is trying to sell.
Here are the stats for the Eastern Shore in August, 2009:
Total houses for sale: 1,195
Spanish Fort: 137
Daphne: 366
Fairhope: 569
Lake Forest: 123
Pending sales
Total: 158
Spanish Fort: 26
Daphne: 75
Fairhope: 41
Lake Forest: 16
Closed sales for August 2009
Total: 82
Average sales price: $263,997, up from $262,616 in July.
Median sales price: $187,450, down from $204,500 in July
List to sale percentage: 96.56%
Spanish Fort: 11
Daphne: 38
Fairhope: 23
Lake Forest: 10
(Data from the Baldwin County Multiple Listing Service)
July 2009 home sales, pendings show stability, except in pricingHome sales statistics on the Eastern Shore of the Mobile Metro area continue to show signs of a stabilizing market, though Realtors generally believe home prices continue to fall. Both home sales and pending sales in Spanish Fort, Daphne and Fairhope/Point Clear showed slight increases over June, 2009. Yet, 20 percent of home sellers reduced prices in July alone to move property. Seventy-six homes sold in July, up from 73 that sold in June. Pending sales remain encouraging with 162 single-family residences under contract, up from 157 in June. There was a little erosion in the list-to-sale percentage which fell from 96.21% in June to 95.88% in July.
Here are the stats for the Eastern Shore in July, 2009:
Total houses for sale: 1,214
Spanish Fort: 147
Daphne: 372
Fairhope: 562
Lake Forest: 133
Pending sales
Total: 162
Spanish Fort: 23
Daphne: 81
Fairhope: 43
Lake Forest: 15
Closed sales for July 2009
Total: 76
Average sales price: $262,616, up from $252,497 in June, but down from $265,549 in May.
Median sales price: $204,500, down from $211,400 in June and $225,000 in May
List to sale percentage: 95.88%
Spanish Fort: 10
Daphne: 23
Fairhope: 32
Lake Forest: 11
(Data from the Baldwin County Multiple Listing Service) Bumping along what may be the bottomJuly 2009 home sale statistics for Spanish Fort, Daphne and Fairhope, Alabama Want some good news? The number of homes sold on the Eastern Shore increased 24 percent in the 2nd quarter compared with the 1st quarter. Priced right for today’s market, homes will sell. Looking at month-by-month sales, it seems that we are bumping along what I hope is the bottom. Between Spanish Fort and Point Clear, 207 homes sold this past quarter, compared to 157 sales in the 1st quarter of 2009 and 227 sales this time last year. The average sales price was $247,779 this quarter, up from of $223,575 in the first quarter, but down from $301,631 this time last year. Foreclosures (15) and short sales (2), were among this quarter’s sales. And judging by public records listings, there will continue to be distressed properties reaching the market. The average time it took to sell a home this quarter was 198 days. Although the average sale prices improved since the 1st quarter, that reflects what is selling. Make no mistake: Prices are falling. But keep this next fact in mind when you look at these numbers: The upper-end market, over $300,000, remains very slow and represented only about 25% of this quarter’s sales. Yet almost half of all homes for sale on the Eastern Shore are priced at $300,000 or more. On to the stats: Fairhope: 70 homes sold, up from 59 in the 1st quarter, and not so far off from the 76 that sold this time last year. Average sales price was $284,033, up from $242,771 in the 1st quarter. This time last year the average sale price was $415,410. That is not a typo. That was in fact the market’s peak. The Fairhope market has been hard hit in a multitude of ways: ■ It was always pricey compared to other areas ■ The high-priced waterfront market has been struggling for several years, particularly with the scarcity and pricing of home owners insurance. ■ The retiree market has been hit as hard as many retirees’ portfolios ■Traffic and commute times to Interstate 10 have increased ■ Fairhope has prided itself for resisting major retailers, so buyers who want to be close to major retail and all the restaurants and cinemas that go with it, choose other communities. There are 598 houses on the market in Fairhope. Daphne/Montrose: 73 homes sold, a healthy increase from the 47 last quarter and the 65 that sold this time last year. Average sales price was $243,600, up from $237,409 in the first quarter. Average sales price was $311,085 this time last year. It took on average 200 days to sell. There are 375 homes on the market here. Lake Forest: 25 houses sold here, virtually unchanged from the 24 in the 1st quarter, but down from the 40 that sold this time last year. Average sale price was $145,680, up slightly from $140,756 in the 1st quarter, but down from $165,105 this time last year. It took 152 days to sell on average. 129 homes are for sale Spanish Fort: 39 homes sold, up from 27 in the 1st quarter and almost equal to the 40 sold this time last year. Average sale price was $255,977, up from $231,161 in the 1st quarter, but down from $268,372 in the 2nd quarter of 2008. Average time it took to sell: 135 days. There are 145 houses on the market. June 2009 home sales in Spanish Fort, Daphne and Fairhope, AlabamaJune home sales dipped slightly but pending sales and the list-to-sale percentage show that the market may be stabilizing.
Seventy-three homes sold in June on the Eastern Shore of the Mobile Metro area, down from the 77 sales in May in the area encompassing Spanish Fort, Daphne and Fairhope/Point Clear.
Pending sales increased from 136 in the first week of June to 157 as of July 8, 2009. Sellers also got on average 96.21% of the list price in June, compared with 95.89% in May.
Here are the stats for the Eastern Shore in June, 2009:
Total houses for sale: 1,251
Spanish Fort: 148
Daphne: 377
Fairhope: 600
Lake Forest: 126
Pending sales
Total: 157
Spanish Fort: 28
Daphne: 69
Fairhope: 42
Lake Forest: 18
Closed sales for June 2009
Total: 73
Average sales price: $252,497, down from $265,549 in May.
Median sales price: $211,400, down from $225,000 in May
List to sale percentage: 96.21%
Spanish Fort: 12
Daphne: 28
Fairhope: 23
Lake Forest: 10
(Data from the Baldwin County Multiple Listing Service May 2009 home sales up 22 percent on Eastern Shore of Mobile, Alabama May home sales increased 22 percent over April on the Eastern Shore of the Mobile Metro area. This typical seasonal bump of 77 homes sold was still some 15 percent lower than sales in May 2008 when 91 houses closed. However, it was better than April’s 53 sales in Spanish Fort, Daphne/Lake Forest and Fairhope/Point Clear. Pending sales have declined slightly with 136 homes under contract, compared to 143 under contract this time last month. Average sales price and median sales price both rose significantly. But this reflects the type of home selling, not that home prices are increasing across the board. In fact, May marks a milestone: The first and only home over $1 million to close on the Eastern Shore this entire year closed in May. Here are the stats for the Eastern Shore in May, 2009: Total houses for sale: 1,240 Spanish Fort: 141 Daphne: 372 Fairhope: 596 Lake Forest: 137 Pending sales Total: 136 Spanish Fort: 26 Daphne: 61 Fairhope: 34 Lake Forest: 15 Closed sales for May 2009 Total: 77 Average sales price: $265,549, up from $217,849 in April. Median sales price: $225,000, up from $206,563 in April List to sale percentage: 95.89% Spanish Fort: 18 Daphne: 22 Fairhope: 26 Lake Forest: 8 (Data from the Baldwin County Multiple Listing Service) April 2009 home sales in Spanish Fort, Daphne and FairhopePending home sales increased in the last half of April on the Eastern Shore of the Mobile Metro area. Overall, home sales declined in April to 53 homes sold in Spanish Fort, Daphne, Fairhope and Point Clear, showing that the housing market is still bobbing through choppy waters. To demonstrate the crests and troughs in sold stats: January: 40 February: 54 March: 60 Expect better stats in May, with 143 homes under contract in this area, up from the 108 homes that were pending the first part of April. Still, there is a 22-month supply of homes at the current selling rate. Only 35% of the homes under contract are more than $250,000, while this price range makes up 58% of the homes on the market on the Eastern Shore. Here are the stats for the Eastern Shore in April, 2009: Total houses for sale: 1,210 Spanish Fort: 138 Daphne: 358 Fairhope: 578 Lake Forest: 136 Pending sales Total: 143 Spanish Fort: 35 Daphne: 57 Fairhope: 34 Lake Forest: 17 Closed sales for March 2009 Total: 53 Average sales price: $217,849, down again from $234,084 in March. Median sales price: $187,000, down from $206,563 in March List to sale percentage: 95.49% Spanish Fort: 9 Daphne: 18 Fairhope: 20 Lake Forest: 6 (Data from the Baldwin County Multiple Listing Service)
The new reality in home pricesMarch, 2009 March 2009 home sales in Spanish Fort, Daphne and FairhopeMarch homes sales on the Eastern Shore of Mobile Bay rose again to 60 homes sold in Spanish Fort, Daphne, Fairhope and Point Clear in January, compared to 54 in February and 40 in January. Buyers are looking, but that’s not materializing into a strong increase in pending sales. As of April 7, 108 homes are under contract, compared to 92 last month and 102 in January. As the reality of the housing market correction sinks in, over 590 price adjustments -- a few up but most down -- were made in March. Inventory increased to 1,190 homes for sale, up from 1,129 in February. Here are the stats for the Eastern Shore in March, 2009: Total houses for sale: 1,190 Spanish Fort: 134 Daphne: 364 Fairhope: 561 Lake Forest: 131 Pending sales Total: 108 Spanish Fort: 26 Daphne: 43 Fairhope: 28 Lake Forest: 11 Closed sales for March 2009 Total: 60 Average sales price: $234,084, a healthy increase from $208,019 in February, but much lower than the average in March of last year of $290 Median sales price: $206, 563, another increase from February’s $179,950, but again down from March ‘08’s $231,750 List to sale percentage: 94.44% Spanish Fort: 9 Daphne: 18 Fairhope: 24 Lake Forest: 9 (Data from the Baldwin County Multiple Listing Service) We may have hit bottom in November, 20082008? Whew! Glad that’s over.2009? At least we know what we’re dealing with.Here’s a backward look on a sorry year in real estate, and a forward look in which I will stick my neck out.2008: ■ Twenty-four percent fewer homes sold than in 2007 from Spanish Fort to Point Clear.■ Foreclosures, short sales and distress sales (essentially pre-foreclosures) captured buyers’ attention.■ On the Eastern Shore, the average sales price was down only 1% from the previous year and the median sales price was down just 6%. But it didn’t feel that way, and a late-year statistic proved the point: In December, sellers took on average 8% off the list price to move their homes. 2009: ■ Interest rates have already dropped after the Fed unveiled a plan to buy $500 billion in mortgage securities and debt. For just a few hours one day in December, the rate hit 4.25%. The drop has triggered a new refinancing boom and hopefully will spill over into home sales. ■ Business Week magazine predicts the market has hit bottom, but prices will remain weak through the end of 2009. It cites the large inventory of houses as a negative and predicts potential sellers who have been sitting on the fence will put their homes on the market at the first sign of improvement, leading to more inventory. Locally, November was the worst month for sales (only 47 on the Eastern Shore), mirroring sales the month after the terror attacks of Sept. 11, 2001. I agree – and hope – we’ve hit bottom in terms of the number of sales. ■ There’s a lot of pent-up demand. Marriage, divorce, new babies, retirement: Think about everyone who had a housing need that they didn’t act on in 2008. This year may be their year. ■ Finally, a couple of opinions: Houses with great prices, and great houses, will sell, as always. If you’re considering buying up or down, why wait? You may get less for your present house, but you will probably pay less for your new one, and the interest rate will be very attractive. On to the stats:Fourth quarter sales on the Eastern Shore registered a yearly low. Only 162 sold, compared with 265 in the third quarter. Average sales price was $260,838, with sellers taking on average 6% off the list price to sell. Average days on market were 162. For the year, 833 homes sold, compared to 1,092 in 2007. Average sales price declined slightly from $292,091 to $287,736. The time it took to sell lengthened from 144 days in 2007 to 166 days in 2008. (Note: Both figures were skewed by houses being re-listed.) Fairhope: 57 homes sold in the 4th quarter, compared with 68 during the same time in 2007. Average price was $304,455, compared with $356,772 the previous year. Average time to sell rose from 157 days to 172 days. For the year, 293 homes sold, compared with 400 sales in 2007. Average prices actually rose from $339,028 in 2007 to $353,765. Days on market rose from 162 to 197. Daphne/Montrose: 69 homes sold in the 4th quarter, compared with 58 in the 4th quarter of 2007. Average sales price declined to $248,922, from $258,273 at the same time in 2007. Days on market rose from 153 to 166. During all of 2008, 321 homes sold, compared with 394 in 2007. Average sales price was $271,599, down from $295,486 for all of 2007. Days on market stretched from 141 to 150. Lake Forest: 15 homes sold, compared with 25 sales in the 4th quarter of 2007. Average sales price dropped from $162,768 to $139,600. Days on market lengthened from 101 days to 124 days. For the whole of the year, 99 homes sold, compared with 114 in 2007. Average prices dropped from $170,930 to $157,355 in 2008. Days on market rose from 110 to 159. Spanish Fort: 21 homes sold in the 4th quarter, compared with 33 during the last quarter of 2007. Average sales price dropped from $304,803 to $268,198 in 2008. The time it took to sell was virtually unchanged at about 130 days. In 2008, 120 homes sold vs. 145 in 2007. Average sales price dropped from $281,232 to $277,245. The days on market stretched from 123 days to 140 days. Inventory: As of Jan. 8, there were 1,082 homes on the market on the Eastern Shore. ■ Spanish Fort: 118 ■ Daphne/Montrose: 328 ■ Fairhope: 502 ■ Lake Forest: 134. If you have specific questions about your home’s value, feel free to call or email. Data is from the Baldwin County Multiple Listing Service. |