The real estate market in Fairhope, Daphne, and Spanish Fort continues to show signs of improvement.
The average sales price for April 2013 is $239,596, which is 7.77% higher than it was in April 2012. The median sales price rose 8.5%, to $216,990. The number of sales increased by 18.69%, to 127 sales, and the average days on market decreased 16.15% to 161 days.
Inventory is much lower this year than it was last year. On April 30, 2013, there were 770 active listings in Daphne, Spanish Fort, and Fairhope. That is a 10.88% decrease in the number of homes for sale. Based on the sales over the past 12 onths, we have about 7 months of inventory on the market. That is drastically lower than the 9.44 months of inventory we had at this time last year.
Local market trends are right on track or even a little better than the national real estate trends. According to the REAL Trends Housing Report, the number of home sales in the U.S. in April 2013 was 16.2% higher than the number of sales in April 2012, and the average sales price increased by 7.9% across the country.
How does this affect potential sellers? Lower inventory means that properly priced properties will be in higher demand because buyers have less to choose from, which could drive prices even higher as buyers compete with each other to get a home under contract. It is best to have your home staged and properly positioned to get the quickest sale for the highest dollar.
How does this affect potential buyers? If you are in the market to purchase, make sure you have your ducks in a row. This means you should have your bank pre-qualification letter or proof of funds ready before looking at high-demand properties. Make sure you have a great buyer specialist to inform you about the market before touring properties so you will be ready to make a quick decision if you are in a multiple offer situation.