Want some good news? The number of homes sold on the Eastern Shore increased 24 percent in the 2nd quarter compared with the 1st quarter.
Priced right for today's market, homes will sell.
Looking at month-by-month sales, it seems that we are bumping along what I hope is the bottom.
Between Spanish Fort and Point Clear, 207 homes sold this past quarter, compared to 157 sales in the 1st quarter of 2009 and 227 sales this time last year. The average sales price was $247,779 this quarter, up from of $223,575 in the first quarter, but down from $301,631 this time last year.
Foreclosures (15) and short sales (2), were among this quarter's sales. And judging by public records listings, there will continue to be distressed properties reaching the market.
The average time it took to sell a home this quarter was 198 days.
Although the average sale prices improved since the 1st quarter, that reflects what is selling.
Make no mistake: Prices are falling. But keep this next fact in mind when you look at these numbers: The upper-end market, over $300,000, remains very slow and represented only about 25% of this quarter's sales. Yet almost half of all homes for sale on the Eastern Shore are priced at $300,000 or more.
On to the stats:
Fairhope: 70 homes sold, up from 59 in the 1st quarter, and not so far off from the 76 that sold this time last year. Average sales price was $284,033, up from $242,771 in the 1st quarter. This time last year the average sale price was $415,410. That is not a typo. That was in fact the market's peak.
The Fairhope market has been hard hit in a multitude of ways:
■ It was always pricey compared to other areas
■ The high-priced waterfront market has been struggling for several years, particularly with the scarcity and pricing of home owners insurance.
■ The retiree market has been hit as hard as many retirees' portfolios
■Traffic and commute times to Interstate 10 have increased
■ Fairhope has prided itself for resisting major retailers, so buyers who want to be close to major retail and all the restaurants and cinemas that go with it, choose other communities.
There are 598 houses on the market in Fairhope.
Daphne/Montrose: 73 homes sold, a healthy increase from the 47 last quarter and the 65 that sold this time last year. Average sales price was $243,600, up from $237,409 in the first quarter. Average sales price was $311,085 this time last year. It took on average 200 days to sell. There are 375 homes on the market here.
Lake Forest: 25 houses sold here, virtually unchanged from the 24 in the 1st quarter, but down from the 40 that sold this time last year. Average sale price was $145,680, up slightly from $140,756 in the 1st quarter, but down from $165,105 this time last year. It took 152 days to sell on average. 129 homes are for sale
Spanish Fort: 39 homes sold, up from 27 in the 1st quarter and almost equal to the 40 sold this time last year. Average sale price was $255,977, up from $231,161 in the 1st quarter, but down from $268,372 in the 2nd quarter of 2008. Average time it took to sell: 135 days. There are 145 houses on the market.
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