Has there been any improvement in the "resale" of existing homes?

Asked by Wesley Price, Robertsdale, AL Mon Nov 1, 2010

I've noticed that some of the higher priced homes are sitting for a long time and there doesn't seem to be any reducing in the prices. Would that not be a "selling" point?

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Liz Hoffman, Agent, Daphne, AL
Mon Nov 1, 2010
I live in the Silverhill area and work the entire Baldwin County area but I am particularly interested and invested in the Robertsdale area, so I am concerned with what is going on in our market and wanted to research this completely before answering your question. My answers concerning what I found are related only to the immediate, close-in, "in-town" Robertsdale area. Of all the homes on the market in your area, there are only 9 over $300,000 actively listed at this time. Of these, all but one have had price reductions since listing, and most are significant reductions-$30,000 to $90,000 less than the original list price. In comparing the 3 month period between Aug. 1-Oct. 31, 2009 with the same 3 month period in 2010 these are the statistics: In 2009 the average sales price was $82,683 compared with $101,089 this year. Homes sold for 94.49% of the listing price last year, but this year that number rose to 96,94%. the average days on the market for last year was 156, while this year that number has fallen to 138. Here is the real difference-homes last year were listed at an average of $65.80 per square foot while this year the per square foot price has fallen to $61.00 per square foot. That is the key: sellers are becoming realistic and understanding that in this market they must lower their prices if they want to sell. Remember, these numbers apply only to the Robertsdale, Alabama area during Aug. to Oct., 2009 and Aug. to Oct. 2010. These stats show the market is improving slowly and this information means we may be possibly trending toward a healthier, more balanced market that will benefit sellers.
1 vote
Parrish Walk…, Agent, Mobile, AL
Mon Nov 1, 2010
The latest statistics I've seen show a very slight increase in sales from August to September. In fact, you can read my monthly newsletter on my facebook page: http://www.facebook.com/PropertySpecialist to get an overview of the market in general. Sales are best in the $150,000 and below category.

If you have any further questions or would like to discuss the sale of your home and/or purchasing a new one, please don't hesitate to contact me! (251) 459-4764 or pwalker@oracleofmobile.com.
0 votes
Bob Georgiou, Agent, Danville, CA
Mon Nov 1, 2010

It means nothing really. There are many factors that come into play and without knowing anything about the area it is impossible to speculate. Reasons like, average time on market in this area, wealth of the owners in the area, the type of sale (short sale v regular sale), the market may not have yet reached a capitulation point (the time when one seller says "I give" and moves his home to where known buyers are buiying in other areas) are the top of the list.
Web Reference:  http://bob2sell.com
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