May, 2010, home sales on the Eastern Shore declined 16% from April, as the market took a breather after the rush to the finish of the home buyer tax credit.
Between Spanish Fort and Point Clear, 90 homes closed, compared with 108 sales in April. Pending sales sagged too, with 146 under contract in the second week of May, compared to 186 a month ago.
Seems the summer doldrums have set in early, with slow and variable buyer interest.
Unfortunately for existing home sellers, short sales, foreclosures and new construction made up almost half of the sales in this suburban market of the Mobile, Alabama, metro. New homes currently represent 11 percent of inventory; short sales and foreclosures, about 9 percent.
But brighter days could be ahead for existing home sellers. Prior to the Great Recession, new construction made up 25 percent to 35 percent of the home market. With the new home inventory shrinking for now, buyers may have to give existing homes more serious consideration.
Here are the stats for the Eastern Shore:
Total houses for sale: 1,243
Spanish Fort: 136
Daphne: 461
Fairhope: 646
Pending sales
Total: 146
Spanish Fort: 23
Daphne: 61
Fairhope: 62
Closed sales for May 2010
Total: 90
Average sales price: $220,403, which is up from April's $204,151.
Median sales price: $176,950, which is down from April's $186,500.
List to sale percentage: 95.16%, down slightly from 95.25% in April
Spanish Fort: 14
Daphne: 43
Fairhope: 33
*Note: The Baldwin Board of Realtors has combined the market area of Lake Forest into Daphne.
(Data from the Baldwin County Multiple Listing Service)
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