Most of you are asking, “What’s happening in the Mobile real estate market?” Listings are selling, but at a slower pace. Prices seem to be adjusting, but not as low as the media presents to the public. Yes, we do have foreclosures and short sales, but a very small number. Today is a great day for a qualified buyer to purchase MObile real estate. The biggest problem with today is having qualified buyers.
What do we project for the future? I think this market will continue as it is until the beginning of 2009. The election will play heavily on people’s minds. Until the President is elected regardless of the outcome, sales will continue to lag at a slower pace. People always need houses and houses always sell. As one of you stated, now I know how it feels to be a bridesmaid and never the bride. Unfortunately, with so many homes on the market, it will take the perfect fit. Sometimes that fit is quick, and sometimes it takes many days.
Below, you will find an updated comparison of home sales in Spanish Fort, Daphne, Fairhope and Pt Clear, from 2007 and 2008. We are approximately 30% below the number of homes closed in 2007, but look at % to list, only 1% less. The average days on the market is not out of line from 2007. Overall, sales are down, but prices are remaining in line. Listening to the media, I was pleasantly surprised at our market.
Homes Sold: 410
Days On Market: 165
% to List Price: 96%
Homes Sold: 591
Days On Market: 144
% to List Price: 97%
As you know, if you have questions, please call me at 583-5923, or e-mail me at Judy@JudySells.com.