"Is it getting any better?"
I get this question about as often as "How ya doin'?"
The answer to the local housing market question is: Not really.
Home sales and pending sales were virtually unchanged on the Eastern Shore of Mobile, AL from October to November.
And the bigger picture shows that the market absorption rate is still seriously out of whack. Industry experts agree that a six-month inventory of homes for sale is the sign of a healthy, stable market. If the absorption rate surpasses that, then it's a buyers' market.
Locally, if not one more house was listed for sale in Spanish Fort, Daphne and Fairhope, it would currently take a little more than 11 months to clear out the current inventory.
Let's hope that some of those defense contracts with Austal shipbuilders and the EADS Air Force tanker come to fruition to stimulate the Mobile Metro's economy.
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Here are the stats for the Eastern Shore:
Total houses for sale: 1,064
Spanish Fort: 130
Daphne: 380
Fairhope: 554
Pending sales
Total: 148
Spanish Fort: 28
Daphne: 63
Fairhope: 57
Closed sales for November, 2010
Total: 64, virtually unchanged from 63 in October, but down from 81 in September
Average sales price: Again, little changed at $225,591 for November vs. $229,040 in October.
Median sales price: $205,500, which is up from October's $190,000..
List to sale percentage: 94.32%, little changed from October's 94.25%
Spanish Fort: 12
Daphne: 25
Fairhope: 27
(Data from the Baldwin County Multiple Listing Service)
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