Mobile County and Baldwin County Real Estate Statistics and Trends - October 2008

The statistics have been tabulated for residential sales that occurred in Mobile County and Baldwin County during the month of October according the Gulf Coast MLS data (Mobile Association of Realtors) and the MLS data from the Baldwin County Association of Realtors.   The results show that we felt the current uncertainty of our economy.  There was a decrease in the number of sales in both counties.  The number of buyers has decreased in the past month.  Fall is normally a time when we see a slow down in the number of sales, but the current economy also is leading to a smaller number of sales. 

 Mobile County Real Estate Market

 The inventory level is the highest that it has been in years.  One reason for the increased number of homes is the number of sales dropped in October to the lowest total in 2 years of tracking.  There are currently 3406 homes for sale in Mobile County.  That represents a 54% increase in the number of available homes in the past 2 years.  The median sales price of a home dropped drastically.  In looking at the actual homes sold, the number of foreclosures (46) was not high, but the percentage of foreclosed home sales vs. total homes sales (15%) was rather high.  The lower costs associated with the foreclosure sales was a major reason the median price of a home dropped so much.

Baldwin County Real Estate Market

The only good news is that the median price of home went up last month.  The number of sales (135) was very low.  It appears that there were a large number of more expensive homes sold in October.  The inventory levels are decreasing but not to the point where it should be. There remains almost 2 years of inventory on the market.