August showed signs of improvement in the Eastern Shore home market with inventory down and pending sales up.
The number of homes for sale in Fairhope, Daphne and Spanish Fort fell 5.5 percent and pending sales increased 17 percent.
Remember the End-Of-The-World-As-We-Know-It report in late August about existing home sales falling 27.2 percent in July? With economists and journalists taking a minute-by-minute pulse on the real estate market, the patient was almost declared critical. I could - and did - predict that the patient would recover. In fact, Realtors as troops on the ground, sensed that this was yet another trough, with another crest in sight. Expect more of the same in coming months.
Here are the stats for the Eastern Shore:
Total houses for sale: 1,190
Spanish Fort: 144
Daphne: 423
Fairhope: 623
Pending sales
Total: 158
Spanish Fort: 34
Daphne: 64
Fairhope: 60
Closed sales for August 2010
Total: 71, down slightly from 73 in July
Average sales price: $216,256, down from $243,086 in July and $252,933 in June.
Median sales price: $192,175, down from $208,500 in July and $219,033 in June
List to sale percentage: Improved to 95.4%, from 94.02% in July
Spanish Fort: 9
Daphne: 39
Fairhope: 23
(Data from the Baldwin County Multiple Listing Service)
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