Pending sales have soared as the expiration of the home buyer tax credit approaches.
By April 8, 173 homes on the Eastern Shore of the Mobile, Alabama Metro area had gone under contract, up from 125 under contract during the first week in March, 2010. Of these, 43 are new construction and 30 are short sales or foreclosures.
The First-Time Homebuyer Tax Credit, later expanded to include many previous homeowners, expires April 30. Buyers must have properties under contract by the time to get up to $8,000 in tax credits.
Home sales also rose in March to 80 units, up from 63 in February in Spanish Fort, Daphne and Fairhope.
Here are the stats for the Eastern Shore:
Total houses for sale: 1,226, including 72 short sales or foreclosures.
Spanish Fort: 126
Daphne: 383
Fairhope: 604
Lake Forest: 113
Pending sales
Total: 173
Spanish Fort: 27
Daphne: 62
Fairhope: 59
Lake Forest: 25
Closed sales for March 2010
Total: 80 (20 new construction)
Average sales price: $240,787, a slight increase over $240,136 in February and $224,209 in January.
Median sales price: $206,750, up from 179,850 in February and $194,500 in January
List to sale percentage: 94.84%, down from 95.44% in February, but up from 93% in January
Spanish Fort: 10
Daphne: 32
Fairhope: 28
Lake Forest: 10
(Data from the Baldwin County Multiple Listing Service)
For your home's value call Janet English, RE/Max By The Bay, 251 591-2411 or email: JanetEnglishWorks@msn.com
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