Janet English Realtor Mobile Alabama's Eastern Shore Suburbs

Home sales in the Eastern Shore of the Mobile, Alabama, metro area improved ever so slightly in September, with 87 sales, compared to 82 sales in August.

Pending sales dropped from 158 during the first week of September to 128 during the first week of October in Spanish Fort, Daphne and Fairhope/Point Clear. In typical years - and this is not a typical year - home sales slow during the back-to-school season and pick up again in late October. Whether there will be a last minute rush of buyers trying to qualify for the $8,000 first-time home buyer tax credit that expires Nov. 30, is anybody's guess.

Here are the stats for the Eastern Shore:
Total houses for sale: 1,211
Spanish Fort: 139
Daphne: 375
Fairhope: 569
Lake Forest: 123

Pending sales
Total: 128
Spanish Fort: 19
Daphne: 60
Fairhope: 35
Lake Forest: 14


Closed sales for September 2009
Total: 87
Average sales price: $233,867, down from $263,997 in August.
Median sales price: $184,900, down from $187,450 in July
List to sale percentage: 96.19%
Spanish Fort: 13
Daphne: 46
Fairhope: 21
Lake Forest: 7

(Data from the Baldwin County Multiple Listing Service)

Home sales in the Eastern Shore of the Mobile, Alabama, metro area improved ever so slightly in September, with 87 sales, compared to 82 sales in August.

Pending sales dropped from 158 during the first week of September to 128 during the first week of October in Spanish Fort, Daphne and Fairhope/Point Clear. In typical years - and this is not a typical year - home sales slow during the back-to-school season and pick up again in late October. Whether there will be a last minute rush of buyers trying to qualify for the $8,000 first-time home buyer tax credit that expires Nov. 30, is anybody's guess.

Here are the stats for the Eastern Shore:
Total houses for sale: 1,211
Spanish Fort: 139
Daphne: 375
Fairhope: 569
Lake Forest: 123

Pending sales
Total: 128
Spanish Fort: 19
Daphne: 60
Fairhope: 35
Lake Forest: 14


Closed sales for September 2009
Total: 87
Average sales price: $233,867, down from $263,997 in August.
Median sales price: $184,900, down from $187,450 in July
List to sale percentage: 96.19%
Spanish Fort: 13
Daphne: 46
Fairhope: 21
Lake Forest: 7

(Data from the Baldwin County Multiple Listing Service)

A year ago, home sales on the Eastern Shore fell off a cliff. Then they tumbled even further, apparently hitting bottom in the early spring.

But that month - August 2008 - showed a breath-taking 40 percent decline in the number of houses sold between Spanish Fort and Point Clear on the Eastern Shore the Mobile Metro area. To demonstrate: 128 homes sold in June 2008 and another 135 sold in July. Then came August, 2008, with only 84 sales.

Even with anemic sales, the average sales price was $303,576 and the median was $249,250.

Now, a year later, the average sales price was $263,997 and the median was $187,450, a reflection of the extreme correction in housing prices, as well as what type of house is selling.

But a year ago, only a little more than a hundred houses were under contract. Now, 158 are in the process of closing, a 34 percent increase over the year, and certainly a hopeful sign.

Total sales are virtually unchanged from a year ago with 82 closed last month.

Still, more than 200 price adjustments were made by homeowners last month.

Foreclosures and short sales (distressed homeowners who owe more than their houses are now worth) represent 4% of listed properties, yet they are 15% of August ‘09 sales and 10% of houses under contract. The lure of a possible deal is as strong as ever, putting price pressure on everyone who is trying to sell.

Here are the stats for the Eastern Shore in August, 2009:
Total houses for sale: 1,195
Spanish Fort: 137
Daphne: 366
Fairhope: 569
Lake Forest: 123

Pending sales
Total: 158
Spanish Fort: 26
Daphne: 75
Fairhope: 41
Lake Forest: 16


Closed sales for August 2009
Total: 82
Average sales price: $263,997, up from $262,616 in July.
Median sales price: $187,450, down from $204,500 in July
List to sale percentage: 96.56%
Spanish Fort: 11
Daphne: 38
Fairhope: 23
Lake Forest: 10

(Data from the Baldwin County Multiple Listing Service)

A year ago, home sales on the Eastern Shore fell off a cliff. Then they tumbled even further, apparently hitting bottom in the early spring.

But that month - August 2008 - showed a breath-taking 40 percent decline in the number of houses sold between Spanish Fort and Point Clear on the Eastern Shore the Mobile Metro area. To demonstrate: 128 homes sold in June 2008 and another 135 sold in July. Then came August, 2008, with only 84 sales.

Even with anemic sales, the average sales price was $303,576 and the median was $249,250.

Now, a year later, the average sales price was $263,997 and the median was $187,450, a reflection of the extreme correction in housing prices, as well as what type of house is selling.

But a year ago, only a little more than a hundred houses were under contract. Now, 158 are in the process of closing, a 34 percent increase over the year, and certainly a hopeful sign.

Total sales are virtually unchanged from a year ago with 82 closed last month.

Still, more than 200 price adjustments were made by homeowners last month.

Foreclosures and short sales (distressed homeowners who owe more than their houses are now worth) represent 4% of listed properties, yet they are 15% of August ‘09 sales and 10% of houses under contract. The lure of a possible deal is as strong as ever, putting price pressure on everyone who is trying to sell.

Here are the stats for the Eastern Shore in August, 2009:
Total houses for sale: 1,195
Spanish Fort: 137
Daphne: 366
Fairhope: 569
Lake Forest: 123

Pending sales
Total: 158
Spanish Fort: 26
Daphne: 75
Fairhope: 41
Lake Forest: 16


Closed sales for August 2009
Total: 82
Average sales price: $263,997, up from $262,616 in July.
Median sales price: $187,450, down from $204,500 in July
List to sale percentage: 96.56%
Spanish Fort: 11
Daphne: 38
Fairhope: 23
Lake Forest: 10

(Data from the Baldwin County Multiple Listing Service)

That was today's headline in the Mobile Register Insight page: "Insurance stands in the way."

U.S. Rep. Gene Taylor (D-Mississippi) wrote yet another op-ed piece about the cost of homeowners insurance hampering rebuilding in Coastal Mississippi.

In coastal Alabama, the scene is little different. Yes, we have beaches and bayfront properties, but largely the elevation is high above sea-level. But the majority don't live on those high-priced pieces of waterfront.

Imagine telling a first-time homebuyer of a modest $150,000, 1800 square foot home that his homeowners' insurance will cost $250 a month or $3300 a year. There's no water view and the house is probably a hundred feet above sea-level. Shallow Mobile Bay is about a mile away and it's this fact that allows the insurance companies to gouge people 4 years after Katrina.

Finding adequate insurance -- not to mention affordable insurance -- is now a pre-printed contingency in our contracts. Deals are falling apart because insurance is too high. Some homeowners are stretched beyond their means because insurance rates continue to creep up.

People are afraid to make a claim for fear that they are dropped.

How many years do we continue to pay for this natural disaster on the Mississippi and Alabama coasts and the largest man-made disaster ever in New Orleans?

Rep. Taylor writes: "By shifting their corporate costs to the American taxpayers, insurance companies essentially gave themselves a government bailout to the tune of billiions of dollars while simulanteously recording billions in profits.

"The industry posted $44 billion in 2005 and $66 billion in 2006."

It seems that the sentiment is that if you're lucky enough to be near the water, then you're rich and you can pay for it. Rep. Taylor points out that 55 percent of Americans live withing 50 miles of some form of coastline.

Too bad all our 50 state capitals and the Governor's Mansions aren't sitting there with a water view. Maybe things would change.