“World's Most Complete Neighborpedia”
Sponsor a Community — What is Localism? | Register or Sign In
Explore:   What's happening in your neck of the woods?
Home Distressed Property Market in Mobile Alabama

Distressed Property Market in Mobile Alabama

Distressed Property Market

As a realtor,  one of my goals is to share with the public what is going on in the local market.  If you are a home seller, you know that there is intense competition in the market place to get your home sold in a timely manner and at a time frame that is suitable to you.  You also know that home selling prices are much lower and inventory levels are much higher than when you purchased your home.  I am not breaking any news to you.  What I thought I would do though is give you a snapshot of what is being listed and what is being sold in Mobile County Alabama.  As you will see from the charts below, the amount of inventory and the lower prices are due to the distressed property market in Mobile Alabama.

To demonstrate what is going on in our real estate market, I have used data provided by the Mobile Area Association of Realtors.  In the past year (October 1, 2010 through September 30, 2011) there have been 7361 new residential listings (single family homes and condominiums) in Mobile County Alabama.  Of the 7361 listings, 1484 have been foreclosure homes for sale in Mobile County.  That is basically 20% of all new listings in Mobile County for past year were Foreclosed Properties.  In addition to foreclosures, there is a different type of distressed property that can be purchased.  These are Short Sale Listings.  In Mobile County, there have been 388 listings that were listed as Potential Short Sales.  The 388 number represents 5% of the total number of listings.  So when you add the Foreclosed Listings and the Short Sale Listings, 25% of all new listings in Mobile County in the past year are Distressed Properties.

Here is the pie chart that demonstrates the Listing Information data:

Photobucket

So 20% of everything that is for sale is a distressed property. These properties of course have lower asking prices than "non-distressed" property.

For a real eye opener though, lets take a look at all residential property that has sold in the past year in Mobile County. According the to Mobile Area Association of Realtor data, there have been 3279 residential units (again Single Family Homes and Condominiums) sold in Mobile County from the time period of October 1, 2010 until September 30, 2011. Of the 3279 units sold, a whopping 37% of those were Foreclosure Listings (1209 residential foreclosures sold in Mobile County in the past year). On top of that, there were 79 short sale listings sold. So when you add the number of SOLD foreclosures in Mobile County and the number of SOLD short sale listings in Mobile County, you will see that 40% of everything real estate residential listings sold in last year in Mobile County was some type of distressed property.

Here is a chart that demonstrates the SOLD real estate transactions in Mobile County:

Number of Sold Homes in Mobile Alabama

There is not much we can do about the market. But at least we have the data in front of us. It is with information, that we make better decisions. I will endeavor to keep the public informed on what is going on in the Mobile Alabama Real Estate Market.

Posted Monday Oct 10