A 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)
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