Pending sales improve, but January 2010 home sales weak in Spanish Fort, Daphne, Fairhope

Pending home sales are showing signs of better days ahead for the real estate market on the Eastern Shore of the Mobile, Alabama, Metro area.

January sales were typically weak, at 43 homes sold in Spanish Fort, Daphne and Fairhope, compared with 56 in December 2009. Still, last month's sales were a slight improvement over January 2009 when just 40 homes sold.

This first week in February, 117 homes are under contract, a nice improvement from the 101 under contract in the first of January.

Pricing remains soft, with sellers taking on average 7 percent off the list price in January.

Inventory is rising, as it always does in the spring. Short sales and foreclosures remain a popular draw for buyers, but only represent 6% of all the homes listed on the Eastern Shore.

 
Here are the stats for the Eastern Shore:
Total houses for sale: 1,175, including 71 short sales or foreclosures.
Spanish Fort: 148
Daphne: 373
Fairhope: 547
Lake Forest: 107
 
Pending sales
Total:  117 (3 are new construction)
Spanish Fort: 18

Daphne: 47
Fairhope: 39
Lake Forest: 13
 
 
Closed sales for January 2010
Total: 43 (11 new construction)
Average sales price: $224,209, down from $302, 814 in December 2009 (which was skewed by two $1 million-plus sales).

Median sales price: $194,500, up $188,041 in December 2009 and $182,801 in November.
List to sale percentage: 93%, down from 94.47% in December 2009 and 95.96% in November

Spanish Fort: 12
Daphne: 15
Fairhope: 9
Lake Forest: 7
 
(Data from the Baldwin County Multiple Listing Service)