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 Baldwin County Multiple Listing Service)
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