We have tabulated our monthly statistics derived from the Mobile Area Association of Realtors and Baldwin County Association of Realtors. August showed a drop in number of sales and median sales price in both Mobile and Baldwin County. When looking at the data a little closer the number of sales in both counties while lower in August than in July still was at higher numbers when compared to the other months in 2009. So although it looks bad news, it was not as it looks. Buyers are looking and homes are going under contract. The sales can be attributed to the government issued incentives such as first time home buyer $8000 tax credit. Lets take a look at the the real estate sales data from Mobile and Baldwin County by examining Trends and Historical Data:
The inventory levels are showed a decrease in both counties. The number of homes for sale data element is one to watch for to determine an improving market. Inventory levels will decrease in improving markets so lets keep an eye out for decreases in future months. The number of units sold has dropped in Mobile County in August from the July number. But the 313 homes sold was still the highest number so far with the exception of July 2009 which was a very good month for sales. In Baldwin County the sales drop for the third straight month, but the number of sales still is encouraging when compared to the most months in the last 2 years. The Median Sales Price for Existing Homes shows that prices are much lower compared to most other months in the past 2 years. In Mobile County, the average median sales price for last 2 years is around $131,000 so August's $127,000 was down slightly. We can say the same in Baldwin County. In August the Median Sales Price was $158,000. The average Median Sales Price for past 2 years is $175,000. August showed a big decrease in sales price in Baldwin County and the decrease is a trend we have seen for most months in 2009 in Baldwin County. The Days on Market field has been extremely volatile in Baldwin County. In Mobile County, the days on Market has been between 60 and 90 days for the most part for last 2 years. The absorption rate went up in both counties. This is direct result in the lower number of sales because inventory levels decreased in both counties this month. The Number of New Foreclosure Listings has increased over increased in both Mobile and Baldwin County. This is interesting because the overall inventory decreased in both counties. Here are the charts:
Mobile and Baldwin County Real Estate Trends - Number of Homes Available for Sale
Mobile and Baldwin County Real Estate Trends - Number of Units Sold
Mobile and Baldwin County Real Estate Trends - Median Sales Price for Homes Sold
Mobile and Baldwin County Real Estate Trends - Days on Market for Homes Sold
Mobile and Baldwin County Real Estate Trends - Absorption Rate - Number of Months Supply
Mobile and Baldwin County Real Estate Trends - New Listings of Foreclosure Homes for Sale
HISTORICAL DATA SPREADSHEETS
We currently track 2 years worth of data from the Mobile County and Baldwin County MLS systems. For analysis purposes we will compare the statistics from August of 2009 to the same statistics from August of 2008. These are our findings:
Mobile and Baldwin County - Number of Units Sold
The units sold has decreased 8% in last year in Mobile, while in Baldwin County the number of homes sold in August 2009 was similarly down 9% compared to the number of homes sold in August of 2008.
Mobile and Baldwin County - Median Sales Price ($,000)
The median sales price for the homes sold in August 2009 dropped in both Mobile and Baldwin County when compared to the data for homes sold in August of 2008. In Baldwin County, the median sales price has dropped 17%, while in Mobile County the median sales price has dropped 8%.
Mobile and Baldwin County - Homes Available for Sale
The inventory level in Baldwin County has decreased 9% over the last year. This is a good trend, but there remains a large inventory of homes to choose in Baldwin County. In Mobile County, the number of homes available have increased 3% over the last year. The trend had been a continuing trend until August 2009. We will see what next month's sales data looks like.
Mobile and Baldwin County - Days on Market for Homes Sold
The Days on Market data element can change dramatically from one month to another. When comparing the the Days on Market field from August 2009 to August 2008, we saw that in Mobile there was a increase of 2% in the number of days on market while in Baldwin County the days on market decreased 1%.
Mobile and Baldwin County - Absorption Rate - Months Supply of Homes for Sale
The absorption rate has increased dramatically in Mobile over the last year. In August 2009, Mobile had a shade under 11 months of inventory which is a 12% increase from August 2008. The good news though is the absorption rate stayed roughly the same in August 2009 (17 months of supply) as it was it August 2008. Anytime the value is over 6, the market can be defined as a buyers market - which is true for both Mobile and Baldwin County. The Baldwin County market is showing signs of recovery. As prices drop, the number of sales should increase and inventory levels are decreasing. That is a very good sign for this area of our market.
Mobile and Baldwin County - Number of New Foreclosure Homes on the Market
The number of new foreclosure listings in Mobile County in August 2009 was up 16% compared to the same number of new foreclosure listings in Mobile County in August of 2008 (72 compared to 62). In Baldwin County the number of foreclosure listings was up a whopping 44% (52 compared to 36) in August 2009 compared to August of 2008.
Please let us know if you have any questions. We also would be happy to do individual analysis for certain towns and/or neighborhoods. Please feel free to drop us a e-mail. Visit either www.GulfRegionProperties or www.AlabamaBestHomes.com for other local information.