How Has the Gulf Coast Market Fared in the Last Twelve Months?
|
Daphne
|
Avg Price
|
Median Price
|
Avg $/SF
|
Days on Mkt
|
|
|
July-07
|
$268,486
|
$225,00 |
$113.56
|
102
|
|
|
July-08
|
$300,766
|
$228,450
|
$121.48
|
116
|
|
|
Price/SF up 7% over July 2007.
|
DOM is 14% slower.
|
|
|
|
|
|
Spanish Fort
|
Avg Price
|
Median Price
|
Avg $/SF
|
Days on Mkt
|
|
|
July-07
|
$263,357
|
$264,150
|
$115.64
|
60
|
|
|
July-08
|
$314,566
|
$307,450
|
$115.66
|
103
|
|
|
Price/SF is virtually unchanged since July 2007.
|
DOM is 71% slower.
|
|
|
|
|
|
Fairhope
|
Avg Price
|
Median Price
|
Avg $/SF
|
Days on Mkt
|
|
|
July-07
|
$331,190
|
$254,000
|
$136.47
|
127
|
|
|
July-08
|
$330,833
|
$297,500
|
$131.77
|
192
|
|
|
Price/SF down 3.5% since July 2007.
|
DOM is 51% slower.
|
|
|
|
|
|
All Mobile County
|
Avg Price
|
Median Price
|
Avg $/SF
|
Days on Mkt
|
|
|
July-07
|
$175,254
|
$146,900
|
$91.47
|
72
|
|
|
July-08
|
$161,516
|
$139,400
|
$86.82
|
83
|
|
|
Price/ SF down 51%
|
DOM is 15% slower.
|
|
|
|
|
|
All Baldwin County
|
Avg Price
|
Median Price
|
Avg $/SF
|
Days on Mkt
|
|
|
July-07
|
$165,291
|
$220,000
|
$118.16
|
105
|
|
|
July-08
|
$293,924
|
$223,000
|
$126.96
|
130
|
|
We took at look at MLS data from Mobile and Baldwin counties, comparing statistics for homes sold in July 2007 versus July 2008. The statistics revealed both positive and negative indictors. On the negative side, all areas are selling more slowly with the average days on the market up in all areas. Mobile County real estate appears to be less affected than Baldwin County real estate, with home sales only 15% slower than a year ago.
On the positive side, when looking at the average price per square foot for sold homes, Baldwin County prices are generally stronger than one year ago. The average price per square foot in Daphne is up by 7%, very encouraging! The exception is Fairhope, where price per square foot averages are down 3.5% since July 2007.
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