Daphne, AL

Home sales improved in December in Spanish Fort, Daphne, Fairhope and Point Clear. Sixty-six homes sold in December, up from the abysmal statistic of only 47 home sales in November.

Pending sales dropped to 86 under contract as of Jan. 3, 2009. That's a decrease from the 98 under contract in November.

Inventory dropped from 1,157 homes for sale on the Eastern Shore as of early December to 1,079 homes for sale Jan. 3, 2009. But this is only because a tremendous number of listings expired with the old year. Expect them to be brought back on the market rapidly.

Interest rates dropped before Christmas to a low of 4.25%, but that held briefly. Still, rates have vacillated in the upper-4% to lower-5% area since.

The list to sale percentage has widened, meaning sellers are making deals to get houses sold. In November, the list-to-sale percentage was 95.21%; in December it dropped to 91.99%. In other words, sellers took on average 8% off the price of the house.

Here are the stats for the Eastern Shore in December:

Total houses for sale: 1,079

Spanish Fort: 118

Daphne: 329

Fairhope: 501

Lake Forest: 1131

Pending sales

Total: 86

Spanish Fort: 20

Daphne: 28

Fairhope: 29

Lake Forest: 9

Closed sales for December 2008

Total: 66

Average sales price: $274,054

Median sales price: $225,000

List to sale percentage: 91.99%

Spanish Fort: 7

Daphne: 24

Fairhope: 21

Lake Forest: 5

Timbercreek Subdivision real estate experienced thirty one home sales for 2008. Due to its proximity to Interstate 10 with quick access to Pensacola, Florida and Mobile, Alabama, its golf courses, and subdivision amenities, Timbercreek remains a popular choice in residency for Eastern Shore inhabitants. With the Eastern Shore Centre shopping complex located across from its main entrance, Timbercreek has something for everyone within a short distance from home.

For Current Timbercreek Home Listings Click on This Link

Closed 2008 Sales

Address List Price Sold Price SP/LP% Days on Market

	30108 Loblolly Cir	$269,000	$254,000	94.42%	308
	8336 Sassafras Court	$284,900	$273,500	96.00%	280
	30155 Green Ct	$290,000	$270,000	93.10%	114
	30210 Loblolly Cir	$293,500	$279,000	95.06%	169
	30233 Green Ct	$298,500	$287,750	96.40%	74
	30146 Persimmon Dr	$299,900	$275,000	91.70%	100
	30944 Pine Ct	$315,000	$305,000	96.83%	107
	30514 Pine Ct	$329,900	$315,000	95.48%	255
	8716 Pine Run	$349,900	$325,000	92.88%	83
	9726 Aspen Cir	$359,900	$330,000	91.69%	336
	30499 Laurel Ct	$359,900	$350,000	97.25%	37
	8727 Tupelo Ct	$369,900	$350,000	94.62%	102
	9210 Cedar Ct	$375,000	$362,000	96.53%	157
	30142 D'olive Ridge	$389,000	$352,000	90.49%	75
	8803 Pine Run	$394,900	$375,000	94.96%	49
	30760 Pine Ct	$395,000	$365,000	92.41%	133
	30411 Middlecreek Cir	$399,900	$365,000	91.27%	176
	9581 Aspen Circle	$399,900	$395,000	98.77%	71
	30120 D'olive Ridge	$430,000	$416,000	96.74%	448
	30611 Middlecreek Cir	$439,000	$439,000	100.00%	24
	8110 Pine Run	$443,443	$410,000	92.46%	252
	9447 Sweet Gum Ct	$447,000	$430,000	96.20%	59
	30346 Middlecreek Cir	$449,000	$429,000	95.55%	30
	9476 Pulpwood Circle	$450,000	$430,000	95.56%	170
	8228 Pine Run	$459,900	$450,000	97.85%	247
	8196 Pine Run	$499,900	$469,900	94.00%	32
	29976 D'olive Ridge	$499,900	$469,500	93.92%	159
	30014 D'olive Ridge	$515,000	$503,000	97.67%	124
	8101 Pine Run	$569,900	$557,397	97.81%	116
	8065 Pine Run	$595,000	$562,780	94.58%	100
	8087 Pine Run	$675,000	$620,000	91.85%	107
Totals:		$12,647,043	$12,014,827
Averages:		$407,969	$387,575	94.97%	144

2008 Home Sales in Sehoy Subdivision in Daphne, Alabama

To date, there have been 17 closed sales since January in Sehoy Subdivision. Sehoy sales prices, including what sellers were asking for the properties are listed below, along with how many days the homes were on the market.

Address List Price Sold Price SP/LP% Days on Market

	27551 Claiborne Cir	$228,800	$223,000	97.47%	121
	9276 Marchand Av	$245,000	$236,000	96.33%	297
	27555 Cahaba Dr	$255,000	$240,000	94.12%	162
	27643 Cahaba Dr	$259,900	$240,000	92.34%	60
	9550 Autauga Bend	$264,900	$255,000	96.26%	376
	9462 Autauga Bend	$266,900	$266,900	100.00%	250
	27537 Cahaba Dr	$269,900	$257,500	95.41%	146
	9479 Autauga Bend	$269,900	$264,900	98.15%	54
	9588 Marchand Av	$289,900	$275,000	94.86%	81
	27534 Lachlan Court	$295,000	$278,000	94.24%	238
	27768 Oakachoy Lp	$299,900	$275,000	91.70%	697
	9302 Sehoy Blvd	$299,900	$299,000	99.70%	118
	9422 Montpelier Place	$325,300	$285,500	87.77%	374
	27716 Ft Toulouse Ct	$339,900	$305,000	89.73%	371
	9444 Marchand Av	$339,900	$327,000	96.20%	77
	28012 Oakachoy Lp	$399,000	$385,000	96.49%	20
	9545 Marchand Av	$439,900	$439,900	100.00%	127
Totals:		$5,089,000	$4,852,700
Averages:		$299,352	$285,453	95.34%	209

I was recently asked to provide information to a potential seller about what today’s buyer is willing to pay for homes in the Lake Forest area of Daphne, Alabama. I thought after my research that I would post this timely information as others may benefit from it, and it does apply to all areas and subdivisions in Baldwin County as well.

As you have probably noticed in your neighborhood, many nice homes are sitting on the market and are not selling. Why is that? Because buyers are not willing to pay top dollar in this market we are now in. You may be wondering what is selling, what buyers are looking for today, and what prices homes will bring.

Today, there are 139 homes for sale in the MLS in Lake Forest alone, with 9 of these pending. In addition, there are a few dozen for sale by owner homes in the subdivision. Many other homes have expired from the MLS without selling.

From these numbers, you can see that competition is very tough for sellers to attract the few buyers that are out there. What this translates to is that PRICE is what will sell a home in this market. The lowest priced homes for the size are selling, and buyers can afford to be choosey with so many to look at.

Pretty much the lowest price house, in the best shape is getting offers, while other very nice homes just sit on the market and aren’t getting any offers.

These statistics are sobering: In just over three months, only 16 homes out of over 180 homes up for sale have sold in Lake Forest in Daphne. If no other homes entered the market for sale, it would take THREE YEARS to reduce the inventory of available homes at this rate.

From this you can see that PRICE is indeed what it will take to sell a home today. So, if you are taking the approach of , "Let's price it high because we can always come down", you may just have three years to see if your idea will work to attract your buyer.

November 2008 home sale statistics for Spanish Fort, Daphne and Fairhope, Alabama

Home sales in November, 2008, dropped to 47 houses sold in Spanish Fort, Daphne, Fairhope and Point Clear. This follows the home sales peak of 135 sales in July, then a decline to 84 in August, 71 in September, and 53 in October.

Pending sales have risen slightly to 98 homes under contract, compared with only 87 under contract in October.

Inventory continues to decrease slightly to 1,157 homes for sale on the Eastern Shore as of Dec. 3.

As we all know, there are few bright spots in the economy these days. A big however is that mortgage interest rates have fallen, hovering around 5.25 percent. Let's hope that word spreads.

Here are the stats for the Eastern Shore in November:

Total houses for sale: 1,157

Spanish Fort: 127

Daphne: 339

Fairhope: 561

Lake Forest: 130

Pending sales

Total: 98

Spanish Fort: 20

Daphne: 42

Fairhope: 35

Lake Forest: 7

Closed sales for November 2008

Total: 47

Average sales price: $266,916

Median sales price: $210,00

List to sale percentage: 95.21%

Spanish Fort: 6

Daphne: 18

Fairhope: 15

Lake Forest: 8

Janet English, RE/Max By The Bay, 251 591-2411