Mobile’s 2008 Real Estate Summary

Housing sales in Mobile County was a real mixed bag in 2008, with some areas losing ground and a few pockets that did very well, in spite of the national housing decline.  The Municipal Park and W. Central areas of Mobile dropped 7% in price per square foot and 9% in average sales price from 2007 to 2008.  Midtown South and Midtown East lost 8% in dollars per square foot while average sales prices rose 7% .

Meanwhile, the community of Springhill gained 2% in dollars per square foot while the average sales price declined by 4.5%.  An area that was strong across the board was West Mobile homes over $150,000. These communities enjoyed an average price per square foot increase of 2% and an average sales price increase of 7%! This is amazing in this economy. Cottage HIll South did well, dropping about 1.5% in price per square foot while increasing in sales price by 1.2%.

Every neighborhood saw the time to sell slow down in 2008, with average days on the market increasing and averaging 85 days on the market in December. A plus for Mobile County is that property sells more quickly than it does in Baldwin County. Still, there is a great deal of inventory of wonderful homes across Mobile for the savvy consumer to choose from. If you’ve been waiting for the right combination of circumstances, this is the strongest Buyers’ Market you will find. Rates are low and the selection is high. See for yourself at BarbaraReevesRealtor.com.