June 2008 statistics specifically for Fairhope show 484 homes on the market for sale with an average sales price of $449,258 (up 3%) and a relatively unchanged median price of $347,950. The median is the point where there are the same number of prices lower than higher. These homes are still moving fairly slowly and were on the market an average of 175 days.

In June, 24 homes have sold in Fairhope with an average sales price of $331,342 and a median sales price of $250,000. This is a 10% decrease in average sales price and an 8% drop in median price over May’s numbers. Days on the market averaged 192 for sold homes.

Homes under contract are rebounding nicely from a weak May. The number of homes that are presently under contract in Fairhope is 28, with an average sales price increasing 22% to $357,493. The a median price point has risen 35% to $313,950. These homes averaged 164 days on the market, no real change compared to May.

The Summer high season is here with many families experiencing job transfers and relocating to this lovely area. The number of homes on the market has risen to the point where buyers have many choices, not like it was a couple of years ago when inventory was very low. It is still a strong Buyer’s market. As economic growth increases with new industry coming to the metro area, inventory will not stay this large for long.

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