January has never been a strong month for home sales. So it's no real surprise that only 40 homes sold in Spanish Fort, Daphne, Fairhope and Point Clear last month. In fact, only 42 sold in January 2008.
So I remain watchful for signs showing the housing market's direction in the coming months.
Pending sales are up to 102 as of Feb. 4, 2008, compared with 86 homes under contract just after the New Year.
Inventory remains roughly the same at 1,090 homes for sale on the Eastern Shore.
A couple of statistics show that sales of high-end homes were anemic, with the average sales price dropping dramatically. However, the list-to-sale percentage rebounded to 94.21% in January, up from 91.99% in December. Stats are drawn from the Baldwin Multiple Listing System.
Here are the stats for the Eastern Shore in January, 2009:
Total houses for sale: 1,079
Spanish Fort: 127
Daphne: 327
Fairhope: 506
Lake Forest: 130
Pending sales
Total: 102
Spanish Fort: 24
Daphne: 30
Fairhope: 35
Lake Forest: 13
Closed sales for January 2009
Total: 40
Average sales price: $228,944, down from $274,054 in December
Median sales price: $216,800, down from $225,000 in December
List to sale percentage: 94.21%
Spanish Fort: 7, where the highest selling price was $259,900
Daphne: 17, where the highest selling price was $394,500
Fairhope: 13, where the top seller was a $670,000 foreclosure
Lake Forest: 3, where the highest selling price was $161,000
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