Sales data from the Gulf Coast MLS shows Daphne real estate market really moving forward. News of numerous new businesses and industry coming into the Mobile and Baldwin County areas have added fuel to the fire for a hot, hot summer in the Daphne real estate market. Sales have been a little sluggish with lots of inventory sitting on the market but times are begining to change. At  the end of April there were 360 homes on the market for sale in Daphne/Malbis/Montrose (Malbis and Montrose are included because of being in the Daphne zip code) with an average sales price of $348,436 and a median sales price of $269,900. During April 41 homes closed with an average sales price of $269,947 and a median price range of $257,900. Homes in pending for April are 97 with an average of $283,953 and a median price of $244,900. Fourteen homes expired or failed to find new owners in April with an average sales price of $456,379 and a median price of $364,500. Twenty-eight homes were withdrawn from the market with an average sales price of $310,573 and a median price of $267,250.

The absorbtion rate or number of months of inventory  including the homes in pending is 2.6! This is fantastic!! Using only the closed sales the rate is 8.78 which is where we were in March using pending and closed.