Buyer activity remained strong in July, a typically sluggish month for home sales on the Eastern Shore of the Mobile, Ala., metro area. Last month, 120 homes sold including three over $1 million (specifically, $1.7 million, $2.7 million and $4.6 million). Those $1 million-plus sales skewed the average sales price up more than $100,000 per unit in July. Pending sales remain at June levels. Inventory continues to gradually decrease.
Buyers seem to be sensing that the bottom of the market has come and gone. They are also keenly aware that it might be better to buy now versus waiting until the Airbus aircraft plant starts production in 2016. The economic impact could begin next summer when ground is broke on the plant, which is expected to employ 3,000 in its construction phase. That positive economic boost could lead to higher home prices.
Here’s what’s going on.
Total houses for sale: 802
Homes for sale in Spanish Fort AL: 120
Homes for sale in Daphne AL: 258
Homes for sale in Fairhope AL: 424
Pending sales:
Total: 205
Spanish Fort: 24
Daphne: 88
Fairhope: 93
Closed sales for July 2012
Total: 120, compared to 125 in June.
Average sale price: $317,938, up from $213,004 in June and $219,878 in May.
Median sales price: $216,350, up from $179,900 in June and $200,000 in May.
List to sale percentage: 95%, which is down from 96.67% in June and 96.12 % in May.
Spanish Fort: 21
Daphne: 47
Fairhope: 52
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