In a recent 30-day period, the owners of 44 homes for sale on the Eastern Shore reduced their asking prices. Those 44 homes accounted for 14 percent of all homes on the market in Spanish Fort, Daphne and Fairhope.
Earlier this year, such price reductions were unheard of. But there's a new reality at play now, or perhaps it's more of a return to reality for a housing market that apparently peaked in mid-March.
The Eastern Shore housing market certainly remains robust, of course: Year-to-year data show that single-family home prices are up 18 percent. The flip side is that overall sales have cooled by 9.4 percent, as many would-be buyers who were hoping to move up or down decided to sit out the madness. They'd seen their "next house" slip out from under their feet as sellers didn't care to accept contingencies or didn't care to negotiate. Other willing buyers were lined up and ready to pay full price or more.
So let’s get to the numbers.
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