It’s the beginning of the high home-buying season on the Eastern Shore of the Mobile, Alabama, metro area.
Sales are up and pending sales are up. But a curious thing is happening: Inventory is falling. Does it signal a change in the housing market in Spanish Fort, Daphne and Fairhope? Are sellers so leery of the market that they’re staying put? Are they too upside down on their mortgages to sell? Will the foreclosure shadow inventory start to trickle back into the market?
All things to watch, but only time will tell.
Here’s what’s going on.
Total houses for sale: 867, down from 881 the first week of February.
Homes for sale in Spanish Fort AL: 137
Homes for sale in Daphne AL: 265
Homes for sale in Fairhope AL: 465
Spanish Fort: 31
Closed sales for February 2012
Average sale price: $219,658, down from $257,094 in February, but still over $175,694 in January.
Median sales price: $190,350, up from $172,900 in February and $150,000 in January.
List to sale percentage: Did not improve with a drop to 94.10% compared with 96.17% in February and 96.02% in January.
Spanish Fort: 13