Home sales are blistering hot with 525 sales in Spanish Fort, Daphne and Fairhope in the 2nd Quarter of 2015.
This one quarter eclipses any records I have since I started this newsletter back in the early 2000s. It’s better than after Hurricane Ivan in 2004, when so many in south Baldwin County retreated to the Eastern Shore while they rebuilt at the beach. It’s better than 2005, when this area became a safe haven after the tragic diaspora from Hurricane Katrina.
In fact, the number of sales is up 30% for the first half of 2015, compared to the same time last year. And sales are up 22% in the 2nd Quarter of 2015 vs the 2nd Quarter of 2014.
For the first half of the year, prices are up 7% compared to 2014; and up 8.3% when comparing the 2nd Quarter of 2014 to 2015.
In the 2nd Quarter, new construction made up 25.6% of sales (with an average price per square foot for you ppsf-watchers of $111). But foreclosures and short sales represented only 4.6% of sales – a mere 24 homes.
Here’s what happened on the Eastern Shore of the Mobile, Ala., metro area during the 2nd Quarter.
Eastern Shore total : In the first half of this year, 894 homes sold with an average price of $271,467, compared to 687 sales in the first half of 2014, when the average price was $253,819. Second quarter sales came in at 525 homes with an average price of $276,610. This is up from the 428 sales with an average price of $255,986 in the 2nd Quarter last year. It took on average 147 days from list to close, and sellers took about 2.75% off the list price in order to sell.
Spanish Fort: 89 homes sold in the 2nd Quarter with an average sales price of $303,279, compared to 66 sales this time last year with an average sales price of $302,081. Sellers took about 2.3% off their prices in order to sell. Homes stayed on the market an average of 156 days. There are 151 homes on the market here.
Daphne: 228 homes sold with an average sale price of $230,752. This compared to 201 sales with an average price of $210,820 in the 2nd Quarter last year. Days on market averaged 139. Sellers trimmed 2.1% off their prices in order to close. There are 309 homes on the market here.
Fairhope: 208 homes sold with an average sale price of $315,971, compared to 161 sales with an average price of $293,478 in the 2nd Quarter of 2014. Sellers took 3.6% off their prices in order to sell. There are 380 homes on the market here.