July 2009 home sales, pendings show stability, except pricing

Home sales statistics on the Eastern Shore of the Mobile Metro area continue to show signs of a stabilizing market, though Realtors generally believe home prices continue to fall.

Both home sales and pending sales in Spanish Fort, Daphne and Fairhope/Point Clear showed slight increases over June, 2009. Yet, 20 percent of home sellers reduced prices in July alone to move property.

Seventy-six homes sold in July, up from 73 that sold in June. Pending sales remain encouraging with 162 single-family residences under contract, up from 157 in June. There was a little erosion in the list-to-sale percentage which fell from 96.21% in June to 95.88% in July.

Here are the stats for the Eastern Shore in July, 2009:
Total houses for sale: 1,214
Spanish Fort: 147
Daphne: 372
Fairhope: 562
Lake Forest: 133

Pending sales
Total: 162
Spanish Fort: 23
Daphne: 81
Fairhope: 43
Lake Forest: 15


Closed sales for July 2009
Total: 76
Average sales price: $262,616, up from $252,497 in June, but down from $265,549 in May.
Median sales price: $204,500, down from $211,400 in June and $225,000 in May
List to sale percentage: 95.88%
Spanish Fort: 10
Daphne: 23
Fairhope: 32
Lake Forest: 11

(Data from the Baldwin County Multiple Listing Service)