Snapshot of the Real Estate Market for Mobile County cities Including Mobile, West Mobile, Cottage Hill, Springhill and University of Alabama areas

Good news for Mobile, according to the MLS statistics for the year of 2006 on the Gulf Coast MLS 5,461 homes sold in the Mobile County, only .0255% below the record sales of 2005 of 5,604 homes. The bubble is not, I repeat not bursting in Mobile, Theodore, Cottage Hill, Saraland, Satsuma and all of Mobile County. I have created an overview of each major Mobile area to give you, the reader a better view point.

In the Downtown - Midtown areas we have a surprise with an increase of sales. In 2006 sales of homes and condos totaled 826, whereas in 2005 the total of units sold were 739. The volumn of number of sales increased at a rate of 10.5%. The average sales price was $120,524. and the median sales price was $96,225. for 2006. The absorbtion rate is 7.1 for February meaning that there are over 7 months worth of inventory on the market in February.

The Municiple Park area also surprised us with an increase of 9.8% or 357 homes sold during 2006 compared to 322 homes sold during 2005. The average sales price of homes sold in 2006 was $110,493. and $106,225. for the median price of homes. Meaning that there are the same number of homes for sale below this price point as below. The absorbtion rate is 3.4 meaning there are 3.4 months of sales inventory on the market in February. If one lived in this area it would be a good time to put it on the market and plan to move within 3 months.

The U.S.A. - Springhill area had a dip in sales during 2006 of 34.7% with 461 homes selling in 2005 and 301 selling in 2006. The average sales price for homes for 2006 was $231,164. and the median price was $152,135. The absorbtion rate for the Spring Hill / U.S.A. is 6 with 6 months of inventory for sale in February.

The Cottage Hill area had a dip in sale for 2006 of 10.4% with 814 homes selling in 2005 and 729 homes selling in 729. The average home sold for $170,372. and the median priced home sold fpr $145,875. The absorbtion rate for the Cottage Hill area is 4.7, meaning there are nearly 5 months worth of housing inventory on the market in February.

The Airport / West Mobile area had a 2.2% increase of the number of homes sold in 2006 verses 2005. In 2006 the number of homes that sold in the Airport / West Mobile area was 1,225 comparded to 1,198 homes sold in 2005. The average home sold for $193,670. and the median price for homes sold was $166,783. The absorbtion rate is 5.3 meaning that there is over 5 months of inventory on the market for February.

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