Eastern Shore market report for October, 2008
The last time the Eastern Shore home sales market was this slow was October, 2001, the month after 9/11 attacks on the United States.
Home sales in October 2008 dropped again to only 53 homes sold in Spanish Fort, Daphne, Fairhope and Point Clear. This follows the home sales peak of 135 sales in July, then a decline to 84 in August and 71 in September.
Pending sales have also fallen to just 87 homes under contract to sell.
While disappointing, this is not surprising as that nation was spellbound by the erratic spiral downward of the stock market, coupled with the last month of presidential politicking.
Inventory continues to slide slightly from a peak around 1,300 this summer to 1,183 for sale on Nov. 6.
Today, interest rates are reacting to market news and are entrenched above 6% locally.
Here are the stats for the Eastern Shore in October:
Total houses for sale: 1,183
Spanish Fort: 133
Daphne: 350
Fairhope: 577
Lake Forest: 123
Pending sales
Total: 87
Spanish Fort: 20
Daphne: 26
Fairhope: 29
Lake Forest: 12
Closed sales for October 2008
Total: 53
Average sales price: $240,565
Median sales price: $217,000
List to sale percentage: 94.96% (down from 96.92% in July)
Spanish Fort: 8
Daphne: 24
Fairhope: 20
Lake Forest: 1