Strong Buyer’s Market in Mobile County

April was another challenging month nationwide for housing, and Mobile County had mixed reaction. In the Springhill/ USA area, April saw 8 homes sold for an average of $222,312 ($111.15/sq ft). There are currently 152 active listings averaging $484,080 ($140.97/ sq ft) .  One year ago, the average sales price in Springhill/ USA was $210,315 or $99/sq foot for 20 sales. So, volume is way down, but values are actually staying fairly strong!  And April’s sold homes were on the market in 2009 for 84 days on average, but one year ago they took 106 days to sell.

West Mobile continued to have good volume of sales, with 31 transactions in April, averaging $180,677 or $90.18/sq ft. These homes spent an average of 97 days on the market prior to selling. One year ago, 35 homes sold for an average of $190,923 or $94.77. So, prices in West Mobile have dropped very slightly compared with other areas. The 317 active listings average $256,358 and 112 days on the market. In this market, that is a relatively brisk pace!

The Downtown/ Midtown area of Mobile lost considerable housing value compared with April 2008.  The average of 32 homes sold in April 2009 actually decreased from $155,055 ($87.31/ sq ft) in 2008 to $105,788 and $70.14/ sq ft in 2009!  These homes took an average of 82 days to sell compared with 65 days in 2008 for Downtown and Midtown.

The best news here is clearly for buyers…time to get off the fence and take advantage of prime conditions for homebuying. You have large inventory, low prices and tax incentives! Contact Barbara S. Reeves, REALTOR, to assist you in finding your dream home in Mobile County!