Oh look, it's an up day on Wall Street. Uh oh, it's down again.
There, over on the left ... it's another report of unemployment rising.
Stop, put the brakes on. The Fed has spoken and bailed out Bear Stearns!
Everyone in the car keeps asking if we're there yet. Is this bottom?
It's times like these that make me wish I could present these figures in a grid format and let you take from them what you will.
But why break with tradition? So here's my view of what's happening in this real estate market.
■ Sales in the first quarter of 2008 are down 33% compared to the first quarter of 2007. Last year, I could point to some 180 houses under contract as a hopeful sign. Right now, only 94 are waiting to close.
■ The average sales price for this past quarter was $277,677, compared to $275,000 this time last year. To compare further, the average sales price in all of 2007 was $292,091.
■ There were 452 price changes on homes for sale on Eastern Shore in the last quarter.
■ In this past quarter, sellers received on average almost 96% of their asking price.
■ Showings are up and that's encouraging. But many of these buyers have homes to sell elsewhere so they're not making offers.
■ Foreclosures represent only about 1% of what's for sale on the Eastern Shore. These homes are often not the good deals you'd hope them to be
■ If you can buy, it's a good time to do so. I know it sounds used-car- salesman-like. But the interest rate is good and there's plenty to choose from and some really good deals out there.
■ FHA loan limits in Baldwin County have been raised to $285,000. This is good news because FHA loans require only 3% down and have a little looser credit requirements.
Here are the stats for the Eastern Shore:
►Fairhope: This is the toughest market on the Eastern Shore, with 611 houses for sale. In the first quarter, 61 homes sold with an average sales price of $312,432, compared to 87 sales with an average sales price of $331,707 this time last year. Homeowners on average took 6% off the list price. It took on average 6 full months to sell.
►Daphne/Montrose: 67 homes sold, compared to 97 homes this time last year. Average sales price was $258,690, down from $272,256. Average days on market: 145 this quarter compared to 127 during the 1st quarter of 2007. List- to- sale percentage: 97.01%. There are 360 homes on the market.
►Lake Forest: Only 20 homes sold, down from 44 this time last year. Average sales price dropped from $170,304 to $161,194. List- to-sale percentage: 97.27%. Market time increased from 122 days to 158 days. There are 111 homes on the market.
►Spanish Fort: 23 homes sold, down from 28 in the 1st quarter of 2007. Average sales price rose from $282,572 to $307,409. List-to-sale percentage: 94.75. It took 142 days to sell this quarter, up from 132 days. There are 116 homes on the market.
Janet English, RE/Max By The Bay, 251 591-2411
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