Existing-home sales rose for the third consecutive month with inventory easing and home prices declining less sharply in June, according to the National Association of Realtors®. Let’s take a look at local Mobile AL real estate sales.Continue reading
The latest survey by the National Association of Realtors® shows existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.
Let’s take a look at the latest Mobile AL real estate sales statistics from Trulia to see if Mobile AL home sales have increased. Trulia compared May-July 2008 sales with May-July 2007 sales:
Mobile AL Real Estate Sales Statistics, May-July Comparison
The number of Mobile AL homes that sold declined 25% during the May-July time period compared to the same period in 2007. The per square foot price decreased by $1.00 or 1%, while both the average and median prices declined 3%.
Average Sales Price 2008: $168,457
Average Sales Price 2007: $173,403
Median Sales Price 2008: $140,238
Median Sales Price 2007: $145,000
Average Price Per Square Foot 2008: $92.00
Average Price Per Square Foot 2007: $93.00
Number of Sales 2008: 505
Number of Sales 2007: 675
What does this mean for Mobile AL home buyers and sellers? Buyers are continue to benefit from moderate prices. Add low interest rates to the moderate prices and the new tax credit for first-time buyers and now is an excellent time to buyer Mobile AL real estate.
With sales off 25% from a year ago, sellers will need to be competitively priced and in excellent condition to catch the eye of prospective buyers.
Interested in buying or selling Mobile AL real estate? Visit our website, JudySells, or give us a call for more personal service, 251-583-5923.
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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.