Slow improvement in the Mobile real estate market is shown in the latest available numbers.
The median sales price of a single family residence in Mobile rose in June to $116,500, an increase of almost 6 percent over the previous month. The total number of sales was up by 2.6 percent.
Of the 314 total single family residential sales in June, 213 sales were under $200,000, representing 68 percent of the entire market. Forty-nine properties sold in the $200,000-$299,999 price range, nine in the $300,000-$499,999 range, and five
The average number of months to sell the existing inventory of properties –
considered an important measure of market health – improved slightly in June to
10.9 months from 11.4 months in May. Although an improvement, the time frame is still considerably above the June 2008 number of just under 9 months.
In the Eastern Shore communities of Baldwin County, the median selling price in
June was $180,000 which was a decrease of 14 percent from the previous month. A total of 88 homes were sold, down from 111 in May. The average time on the market
was 6.4 months.
Despite the decline in median selling price for the Eastern Shore area, Baldwin County as a whole was recently named by a respected economic analysis firm as one of the strongest micropolitan economies in the U.S. To read of this report by Polycom Economics, click here.
The above statistics were supplied by the Center for Real Estate Studies at the
University of South Alabama. Dr. Don Epley, who heads the Center, told this writer last month that he is optimistic about the recovery of the local residential market in both counties.
A New York financial news and opinion organization recently picked Mobile among all markets in America as the metro area in which housing values will rise the most this year. To read this report, click here.