The number of homes sold in August dropped dramatically in August, down to just 84 closings compared with 135 sales in July and 128 in June.
August is typically a slow month with the start of school and the beginning of the active part of hurricane season. This August, brought a dubious anniversary: One full year of the housing crisis.
The good news is that the number of homes pending did not drop as dramatically as the number of home sales, with 109 homes in Spanish Fort, Daphne, Lake Forest and Fairhope under contract. This is down slightly from 119 in July and 114 pendings in June.
Inventory fell from 1,284 on the market in July to 1,233 on the market as of the first of September.
Here are the stats for the Eastern Shore in Augusty:
Total houses for sale: 1,233
Spanish Fort: 129
Daphne: 434
Fairhope: 601
Lake Forest: 69
Pending sales
Total: 109
Spanish Fort: 14
Daphne: 46
Fairhope: 43
Lake Forest: 6
Closed sales for August 2008
Total: 84
Average sales price: $303,576
Median sales price: $249,250
List to sale percentage: 95.54% (down from 96.92% in July)
Spanish Fort: 12
Daphne: 37
Fairhope: 30
Lake Forest: 5
Here’s the comparison, looking at the same data for August 2007
Total sales: 96
Average sales price: $275, 497
Median sales price: $225,950
List to sales percentage: 95.63%