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Spanish Fort, AL Real Estate News

By Janet English, Market expert in Daphne, Spanish Fort, Fairhope
(RE/MAX By The Bay, Daphne Alabama)
February may be a short month, but a lot was packed into it for housing on the Eastern Shore of the Mobile, Ala., metro area. Home sales in Spanish Fort, Daphne and Fairhope rose from 57 in January to 82 in February. But one-in-three sales was a foreclosure or short sale. Pending sales are also stronger than in recent months with some 173 homes under contract in early March, up from 146 during early February. After a couple of real and disappointing blows to the local economy - the Gulf Oil Spill and the loss of the Air Force refueling tanker contract - this area may very well pin its hopes on a rebound in tourism during spring break.  Here are the stats for the Eastern Shore:Total houses for sale: 1,010 (93 are foreclosures or short sales) Spanish Fort: 121Daphne: 354Fairhope: 535 Pend...
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By Janet English, Market expert in Daphne, Spanish Fort, Fairhope
(RE/MAX By The Bay, Daphne Alabama)
January is probably the bleakest of months for home sales, between post-Christmas belt-tightening and the frigid weather. And this past month was no different with 57 sales compared to 89 sales in December 2010 on the Eastern Shore of the Mobile, Ala., metro area. Yet compare those numbers to the 43 sales this time last year and the 56 sales in December 2009 and you see a trend. Sweet, eh? But sales vs pricing are two very different things. And prices are still under extreme pressure from competing foreclosures in Spanish Fort, Daphne and Fairhope. While just under 10% of the housing inventory is a foreclosure or short sale, these homes draw an incredible amount of attention and virtually all will sell eventually. The same cannot be said about the rest of the inventory. Pending sales ar...
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By Janet English, Market expert in Daphne, Spanish Fort, Fairhope
(RE/MAX By The Bay, Daphne Alabama)
Overall, the 2010 housing market on the Eastern Shore showed marked improvement over 2009 with the number of sales up 13%. But remember, 2009 was pretty bad. The free-fall depreciation in home values in Fairhope, Daphne and Spanish Fort of 17.5% in 2009 slowed to 3.5% in 2010. Where and when we will hit bottom, no one knows. The market is giving mixed signals about the future. So let's take a simple supply-and-demand look at it.     Oversupply: 83% of all sales in 2010 were for houses price under $300,000, yet 38% of all the homes currently listed are priced over $300,000.     Undersupply: 24% of all sales were new construction, yet only 14% of the current housing inventory is new. Because rampant over-building hurt this market (evidenced by many subdivisions that look they were visited...
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By Janet English, Market expert in Daphne, Spanish Fort, Fairhope
(RE/MAX By The Bay, Daphne Alabama)
"Is it getting any better?" I get this question about as often as "How ya doin'?" The answer to the local housing market question is: Not really. Home sales and pending sales were virtually unchanged on the Eastern Shore of Mobile, AL from October to November. And the bigger picture shows that the market absorption rate is still seriously out of whack. Industry experts agree that a six-month inventory of homes for sale is the sign of a healthy, stable market. If the absorption rate surpasses that, then it's a buyers' market. Locally, if not one more house was listed for sale in Spanish Fort, Daphne and Fairhope, it would currently take a little more than 11 months to clear out the current inventory. Let's hope that some of those defense contracts with Austal shipbuilders and the EADS Ai...
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By Janet English, Market expert in Daphne, Spanish Fort, Fairhope
(RE/MAX By The Bay, Daphne Alabama)
October home sales in the Eastern Shore of Mobile, Alabama, slumped 22% in October over the previous month. But pending sales are up 14% over September's numbers in Fairhope, Daphne and Spanish Fort. Inventory is down slightly, from 1,151 last month to 1,099. New construction represents 13% of homes for sale, while short sales and foreclosures make up 9% of the current inventory on the Eastern Shore. Here are the stats for the Eastern Shore:Total houses for sale: 1,099Spanish Fort: 127Daphne: 394Fairhope: 578 Pending salesTotal: 148         Spanish Fort: 29 Daphne: 56Fairhope: 63 Closed sales for October, 2010Total: 63, down from 81 in SeptemberAverage sales price: $229,040, an increase over September's $225,689. Median sales price: $190,000, a decrease from September's $196,900. List t...
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By Janet English, Market expert in Daphne, Spanish Fort, Fairhope
(RE/MAX By The Bay, Daphne Alabama)
Some perspective: 1 in every 5 homes sold on the Eastern Shore of Mobile, Alabama, since the first of the year was a distress sale. Nationally, nearly 1 in every 4 homes sold in June was a foreclosure or short sale, according to CoreLogic. In Alabama that same month, 1 in every 7 sales was a distressed property. In Baldwin County, 5.2% of mortgage-holders were more than 90 days delinquent on their payments in the 2nd quarter, according to TransUnion Trend Data. Nationally, nearly 1 in 10 mortgages in the country's largest 100 metro areas are more than 90 days delinquent, according to the Center for Housing Policy, the Local Initiatives Support Corporation and the Urban Institute. Despite the announcement that the Great Recession ended in June 2009, the problems are not over. So, my mess...
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By Janet English, Market expert in Daphne, Spanish Fort, Fairhope
(RE/MAX By The Bay, Daphne Alabama)
September homes sales on the Eastern Shore rose again and inventory continued to decline. The number of homes sold rose 12 percent in Fairhope, Daphne and Spanish Fort, while inventory declined about 3 percent. Pending sales in mid-October are down 19% over the previous month. The outlook is cloudy with the foreclosure debacle likely to play out over the coming months. Investigations that major lenders "robo-signed" foreclosure documents without careful scrutiny have forced Bank of America to put a halt to some foreclosure proceedings in some states. Other banks are taking action to review their processes. But locally, foreclosures are still being posted for sale on the courthouse steps. So, we'll see.  Here are the stats for the Eastern Shore:Total houses for sale: 1,151Spanish Fort: 1...
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By Janet English, Market expert in Daphne, Spanish Fort, Fairhope
(RE/MAX By The Bay, Daphne Alabama)
August showed signs of improvement in the Eastern Shore home market with inventory down and pending sales up. The number of homes for sale in Fairhope, Daphne and Spanish Fort fell 5.5 percent and pending sales increased 17 percent. Remember the End-Of-The-World-As-We-Know-It report in late August about existing home sales falling 27.2 percent in July? With economists and journalists taking a minute-by-minute pulse on the real estate market, the patient was almost declared critical. I could - and did - predict that the patient would recover. In fact, Realtors as troops on the ground, sensed that this was yet another trough, with another crest in sight. Expect more of the same in coming months. Here are the stats for the Eastern Shore:Total houses for sale: 1,190Spanish Fort: 144Daphne: ...
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By Janet English, Market expert in Daphne, Spanish Fort, Fairhope
(RE/MAX By The Bay, Daphne Alabama)
Home prices on the Eastern Shore continue to erode but at a much slower pace than last year's 17.5% depreciation. The average sales price of homes in Spanish Fort, Daphne and Fairhope fell 4.5% since the end of 2009. Generally, we were behind the rest of the country when The Great Recession hit, impacting the housing market. So I expect we'll be behind the rest of the country in hitting bottom. Sales were down in July, with 73 homes closing, compared to 90 in June. However, pending sales are up from 123 this time last month to 132.   Here are the stats for the Eastern Shore:Total houses for sale: 1,259Spanish Fort: 154Daphne: 456Fairhope: 649 Pending salesTotal:  132Spanish Fort: 24 Daphne: 66Fairhope: 42 Closed sales for July 2010Total: 73Average sales price: $243,086, down from $252,9...
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By Janet English, Market expert in Daphne, Spanish Fort, Fairhope
(RE/MAX By The Bay, Daphne Alabama)
Somehow, I missed this in the don't-run-with-scissors lecture. On the eve of my son's 20th birthday, we gave him an Ipod Touch. He hot-footed it down to Best Buy to get an adapter so he could play it in his car. Around 9 p.m., as I was watching TV, I noticed through the half-glassed door to the garage that he was in my SUV fiddling with the adapter ... with the car running, the AC on, and THE GARAGE DOOR SHUT. So, parents you may want to add this to: Don't throw lighter fluid on a fire ... don't mix cleaning chemicals ... don't ... don't ... don't  
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By Janet English, Market expert in Daphne, Spanish Fort, Fairhope
(RE/MAX By The Bay, Daphne Alabama)
Home sales on the Eastern Shore of Mobile, Ala., in the first half of 2010 posted their best numbers since 2007. And the 2nd quarter home sales between Spanish Fort and Point Clear helped put the numbers over the top with 294 sales, compared with just 157 this time last year and 227 in 2008. Finally, all the factors seemed to work together: the home buyer tax credit low interest rates, which continue today plenty of homes to choose from realistic sellers who corrected prices in tune with the market pent-up buyer demand, which burst as either time or economic fortunes eased buyers' anxieties So, we no sooner get to the point that finally things appear to be turning around and the BP Deep Water Horizon explodes, killing 11 and unleashing a toxic and uncontrollable spill into the Gulf. Mea...
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By Janet English, Market expert in Daphne, Spanish Fort, Fairhope
(RE/MAX By The Bay, Daphne Alabama)
Home sales remained steady in June, 2010, compared with May in Spanish Fort, Daphne and Fairhope. Ninety homes closed, just as 90 did in May on the Eastern Shore of the Mobile, Ala., metro area. Average sales price improved tremendously, as did the median sales price. List-to-sales price showed a healthy improvement with sellers getting 96.13% of asking price on average. However, the months ahead point to more uncertainty: Pending sales as of July 8, show a 16% decline over the number of homes under contract during the first week in June. Two known factors are at play here: fears of a double-dip recession and the economic impact of the oil spill in the Gulf of Mexico.   Here are the stats for the Eastern Shore:Total houses for sale: 1,270Spanish Fort: 155Daphne: 462Fairhope: 653 Pending...
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By Janet English, Market expert in Daphne, Spanish Fort, Fairhope
(RE/MAX By The Bay, Daphne Alabama)
May, 2010, home sales on the Eastern Shore declined 16% from April, as the market took a breather after the rush to the finish of the home buyer tax credit. Between Spanish Fort and Point Clear, 90 homes closed, compared with 108 sales in April. Pending sales sagged too, with 146 under contract in the second week of May, compared to 186 a month ago. Seems the summer doldrums have set in early, with slow and variable buyer interest. Unfortunately for existing home sellers, short sales, foreclosures and new construction made up almost half of the sales in this suburban market of the Mobile, Alabama, metro. New homes currently represent 11 percent of inventory; short sales and foreclosures, about 9 percent. But brighter days could be ahead for existing home sellers. Prior to the Great Rece...
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By Janet English, Market expert in Daphne, Spanish Fort, Fairhope
(RE/MAX By The Bay, Daphne Alabama)
Gosh, it's been grim.   But I'm here to tell you that this month - April 2010 - feels like it might as well be 2005, considering the volume of house sales going on.   Sure, the homebuyer tax credit expires April 30. Sure, some people moved up their time frames to capture as much as $8,000 in tax credits.   But I'm hoping that the effort to get the housing market chugging again like a great locomotive will have staying power. It just takes some time to get the big wheels on the Real Estate Express moving. And maybe, just maybe, sales will maintain a more normal pace.   More than 175 homes in Spanish Fort, Daphne and Fairhope are under contract. This is the best first quarter since 2007. Prices have adjusted, and there's no changing that anytime soon, but at least things are happening aga...
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By Janet English, Market expert in Daphne, Spanish Fort, Fairhope
(RE/MAX By The Bay, Daphne Alabama)
Pending sales have soared as the expiration of the home buyer tax credit approaches. By April 8, 173 homes on the Eastern Shore of the Mobile, Alabama Metro area had gone under contract, up from 125 under contract during the first week in March, 2010. Of these, 43 are new construction and 30 are short sales or foreclosures. The First-Time Homebuyer Tax Credit, later expanded to include many previous homeowners, expires April 30. Buyers must have properties under contract by the time to get up to $8,000 in tax credits. Home sales also rose in March to 80 units, up from 63 in February in Spanish Fort, Daphne and Fairhope.   Here are the stats for the Eastern Shore:Total houses for sale: 1,226, including 72 short sales or foreclosures.Spanish Fort: 126Daphne: 383Fairhope: 604Lake Forest: 1...
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By Janet English, Market expert in Daphne, Spanish Fort, Fairhope
(RE/MAX By The Bay, Daphne Alabama)
Home sales rose 46% in February and pending sales increased almost 7% over January on the Eastern Shore of the Mobile, Alabama, Metro area. Ok, so January is rarely a great month in real estate in Spanish Fort, Daphne and Fairhope. But an increase from 43 sales in January to 63 in February (even with the distractions of Mardi Gras and the Super Bowl) is worth noting. Buyer activity registered through property showings is also up. But does it have staying power? Maybe. People can only put their lives - and the real estate that's often tied to it - on hold for so long. So there is a long pent-up demand. Home prices are quite attractive on one hand, and some buyers are concerned about the specter of rising mortgage rates. Certainly, the home-buyer tax credit, in which purchase agreements m...
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By Janet English, Market expert in Daphne, Spanish Fort, Fairhope
(RE/MAX By The Bay, Daphne Alabama)
Pending home sales are showing signs of better days ahead for the real estate market on the Eastern Shore of the Mobile, Alabama, Metro area. January sales were typically weak, at 43 homes sold in Spanish Fort, Daphne and Fairhope, compared with 56 in December 2009. Still, last month's sales were a slight improvement over January 2009 when just 40 homes sold. This first week in February, 117 homes are under contract, a nice improvement from the 101 under contract in the first of January. Pricing remains soft, with sellers taking on average 7 percent off the list price in January. Inventory is rising, as it always does in the spring. Short sales and foreclosures remain a popular draw for buyers, but only represent 6% of all the homes listed on the Eastern Shore.     Here are the stats fo...
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The TimberCreek residential development is a great golf community located along the south side of U. S. Highway 31, the west side of Alabama State Highway 181, on the north side of U. S. Interstate Highway 10 and just minutes east of the delta areas and Mobile Bay. TimberCreek is conveniently located near major regional shopping centers, such as, the Malbis Regional Shopping Center, and Historic Downtown Mobile, Alabama is only about 20 minutes west by traveling along the I-10 BayWay. Gulf Shores, Orange Beach and Alabama's white sandy beaches and blue-green waters of the Gulf of Mexico are about a 30-35 minute drive south by either Alabama State Highway 181 or U. S. Highway 59. Currently, TimberCreek has at least twenty-six (26) active MLS (mutiple listing service) REALTOR listings, ab...
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By Janet English, Market expert in Daphne, Spanish Fort, Fairhope
(RE/MAX By The Bay, Daphne Alabama)
  Statistics can be manipulated. But the evidence shows a 17.5% decline in house values on the Eastern Shore in 2009. Coupled with our deceptive and behind-the-rest-of-the-nation 1% decline in 2008, housing prices are almost back to pre-Hurricane Ivan levels of 2003-04.             The picture is a bit brighter in terms of the number of homes sold. Low interest rates, the first-time homebuyer tax credit and an abundance of inventory and incentives helped check the decline in the total sales to only 3.5% compared to 2008.             For the year, 803 homes sold between Spanish Fort and Point Clear, compared with 833 last year. Of these sales, 35% (281) were new construction and 14% (110) were foreclosures or short sales. That means "regular" existing home sales represented only half of ...
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By Janet English, Market expert in Daphne, Spanish Fort, Fairhope
(RE/MAX By The Bay, Daphne Alabama)
            Home sales on the Eastern Shore of Mobile Bay proved to be weak in December, as sales declined to 56 compared to 65 in November.             A poll of Realtors by the National Association of Realtors predicted a lull during the holidays and that was borne out in the statistics. Locally, however, the end-of-year season is usually second only to the April-May rush in sales in the area between Spanish Fort and Point Clear.             However, local Realtors report an uptick in buyer inquiries and showings in the last weeks of 2008. Hopefully, that will result in transactions in 2010. For now, pending sales are down slightly from 110 during the first week in December, 2009, to 101 on January 7.                 Here are the stats for the Eastern Shore:Total houses for sale: 1,14...
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