The upcoming expiration of the first-time homebuyer tax credit likely lead to a reduction in home sales in October on the Eastern Shore of the Mobile, Alabama, metro area.
Home sales fell from 87 in September to 59 in October in Spanish Fort, Daphne and Fairhope.
The first-time homebuyer tax credit of $8,000 was set to expire Nov. 30 and buyers apparently wanted to make that deadline with plenty of time to spare. Other buyers may have been waiting to see what would happen next.
At this writing, the U.S. Senate is poised to extend that credit through April 2010 and expand it to people with a $6,500 credit to people who have owned their home at least 5 of the last 8 years (income limits apply). With Senate passage, the bill is expected to be expedited through the house and to President Obama's desk for signing.
Pending sales have improved slightly from 128 at the first of September to 140.
Here are the stats for the Eastern Shore:
Total houses for sale: 1,235
Spanish Fort: 150
Daphne: 400
Fairhope: 560
Lake Forest: 125
Pending sales
Total: 140 (38% new construction)
Spanish Fort: 24 (including 15 new homes)
Daphne: 60 (including 32 new homes)
Fairhope: 37 (including 6 new homes
Lake Forest: 19 (none new)
Closed sales for October 2009
Total: 59
Average sales price: $204,107, down from $233,867 in September and $263,997 in August.
Median sales price: $179,900, down from $184,900in September.
List to sale percentage: 96.82%, an improvement over 96.19% in September
Spanish Fort: 6
Daphne: 21
Fairhope: 24
Lake Forest: 8
(Data from the Baldwin County Multiple Listing Service)
If I can help you with any of your home needs, please feel free to call or email.
Janet English
251 591-2411
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