Eastern Shore Housing Report for February

In Spanish Fort, there are 121 homes on the market with an average price of $344,439, unchanged from January’s $344,717. Homes pending sale rose from an average of $314,633 to $320,164. Maybe the most important figure is that of homes actually sold. In February, sales activity rose from 7 homes with an average sales price of $152,357 ($76.31/ sq ft) to 11 homes with an average sales price of $276,914 ($106.38/sq ft).

Down the highway in Fairhope, there are a whopping 423 homes on the market with an average list price of $452,883, slightly higher than January’s $441,318. Homes pending sale dropped from an average of $327,703 to $323,202.  In February, sold home prices dropped substantially from January’s $399,700 or $146.41/square foot to an average February sales price of $205,695 ($112.70/sq ft). This is a 23% drop in average price, which we attribute to the fact that none of Fairhope’s high end homes over $500,000 have sold since December. Typically the aveage price in Fairhope reflects the upper-end homes that are on the market.