Real Estate Market

The number of Listings decreased slightly in August to 1,493 units.  The number of sales INCREASED to almost pre-BP numbers. AMAZING ! 64 out of the 72 sales were less than 450,000 and ONLY 11 were foreclosures.  That's an AMAZING turnaround !

CONDOS:  The Sales Price to List Price increased  89.97% to 92.79% of List Price. The average sales price remained about the same at $256,019. 

HOUSES: The number of closings  also remained about the same at 28 closings for August. The number of listings also dropped from 618 to 591.  The List Price to Sales Price also increased from 91.80%  to 95.64%.

WATER FRONT LAND: There were even three waterfront land sales averaging $293,333. There were no land sales in July.

When I first heard about the oil platform fire yesterday I thought that another BP type disaster would set us back a lot in the national media. Thankfully, no one was injured and no oil was spilled. Also, in last Sunday's Mobile Press I only saw one article related to BP instead of an entire paper like we have been reading in May, June and July.

If you take a look at the numbers this month. Everything is going in the right direction. As I said last month the real buyers are making offers now and hopefully in January we will pick up where we were pre BP and our market will recover. It's just a matter of time.

The prices have never been so low. For example, I sold a two bedroom Gulf Front foreclosure for $185,000. The amazing point is this is LESS THAN what they sold during pre-construction in 1999.

Get Ready !!!