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
Lake Forest: 1131
Spanish Fort: 20
Lake Forest: 9
Closed sales for December 2008
Average sales price: $274,054
Median sales price: $225,000
List to sale percentage: 91.99%
Spanish Fort: 7
Lake Forest: 5