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 on the Eastern Shore of Mobile Bay in Alabama.
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
Mortgage interest rates started to drop this morning (though they have waffled a bit since then).
So what can you do with this information to help your buyers, past clients, your community, the Fed and perhaps the entire economy?
I sent out this email to my buyers, my past clients, my fellow tennis players, my minister, my Mardi Gras group, and finally the registered prospects in the MLS and in my various websites.
"The Feds' action yesterday has lead to a dramatic drop in mortgage interest rates. This is a great opportunity to get under 5% on a refinance (with qualifications) or on a new home purchase. Please keep me in mind if you know of anyone interested in purchasing a home in the new year. Buyers are key to helping our housing market regain it's footing.
Best Regards,
Janet English
RE/Max By The Bay (with various additional contact information including all my websites).
Be a friend to The Fed and pass it on.
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
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
The last time the Eastern Shore home sales market was this slow was October, 2001, the month after 9/11 attacks on the United States.
Home sales in October 2008 dropped again to only 53 homes 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 and 71 in September.
Pending sales have also fallen to just 87 homes under contract to sell.
While disappointing, this is not surprising as that nation was spellbound by the erratic spiral downward of the stock market, coupled with the last month of presidential politicking.
Inventory continues to slide slightly from a peak around 1,300 this summer to 1,183 for sale on Nov. 6.
Today, interest rates are reacting to market news and are entrenched above 6% locally.
Here are the stats for the Eastern Shore in October:
Total houses for sale: 1,183
Pending sales
Closed sales for October 2008
 |
|
|
Janet English, RE/Max By The Bay, offers top-notch market, school and community information to clients in Spanish Fort, Daphne and Fairhope in Baldwin County Alabama
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
