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CONGRATULATIONS TO OUR TOP AGENTS

Elaine Campbell - Sales Agent

Elaine Campbell - Listing Agent


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March Housing Report

Housing Explodes! Sales & Prices Sky Rocket

  • 542 homes were sold in March versus 372 in February. Up 46%!. March 2014 sales were 444 homes, 18% higher. Total Sales 2015-1,268 compared to 2014-1,126 up 13%!
  • Average home prices in March took another big leg up rising to $178,591 compared to $171,824 in February. Up 4%.  Average sales price for 2014 was $158,541 compared to 2013-$154,484, 2012-$150,255 and 2011-$140,344.
  • The time it takes to sell rose slightly, 112 days March compared to 110 in February. Average time on market in 2014 was 108 compared to 103 days in 2013 and 108 days in 2012.
  • Pending home sales were up to 632 in March versus 522 in February. UP 21%.   
  • Supply of available inventory fell to 6.61 months in March compared to 9.55 months in February.  Average supply for 2014 was 8.72, 2013 was 8.88 months, 2012 was 10.13 months. Total houses on market fell even lower to 3,588.

We expected the housing market to improve in 2015 but we certainly didn’t predict the housing explosion that happened in March. Sales in March were up 45% over February and up 18% over March 2014. Baldwin County had the biggest increase with sales reaching a 10 year high up 38%! March sales in Mobile sales have not been at this level since 2008! These are breakout type numbers that will blow out charts to the high side if they can be maintained through the Summer. We always say one month doesn’t make a market, up or down but pending sales for March were up 21% over February. Pending sales are those homes that are under contract and with the time it takes to get to closing is normally a good indicator of what to expect in closed sales the following month. Pending sales in March were 632 homes up 21% from February pointing to another solid month in April. Prices also spiked in March up to $178,591, moving to the highest point in 7 years. If prices can break through the $180,000 level it would mark a serious a break out point on the chart (see below). The numbers point to a turbocharged market but it’s not making a lot of noise yet, in other words everyone is not talking about how good the market is. There appears to be 2 reasons, time to sell and inventory. The time to sell is significantly longer than 2008. In 2008 the average days on market was 60-70 days, this year it’s 110 days. The difference between 2 months and 4 months to sell a house is huge and certainly will not have people talking about how quick they sold. The record low point of houses on the market continues to affect the market, nobody is selling so they aren’t talking. We also think low inventory is effecting the days on market. Without any product it is taking longer to find Buyers for the homes that are on the market. Lack of inventory would appear to be the fly in the soup to a continued robust market. Hopefully we will continue to be surprised by bigger housing numbers for the reminder of the year.


ARCA Mobile 200-
March was a busy month all the way around, Praytor Realty had its biggest sales month in7 years and we hosted the return of the ARCA series to Mobile. Really proud of our group for being able to pull both off and want to thank everyone who contributed to making both happen.

Congratulations to Elaine Campbell on being our top agent in March.

 

 
 

Vince Emmons Wins Jamie C. Praytor Humanitarian Award
 

The Mobile Area Association of Realtors has named Vince Emmons the recipient of the Jamie C. Praytor Humanitarian Award for 2012. Emmons earned the award for his work with special needs students at Augusta Evans School. For years the kids at Augusta Evans have recycled Mardi Gras beads as a fund raiser. Emmons started by making one child’s dream com true by securing him a ride in a Mardi Gras parade after working all year to recycling beads. That effort has now grown to 3 floats and 85 special needs kids being able to ride in last years parade. “Vince is a classic example of one person deciding to make a difference and making it happen, a perfect recipient for this year’s award. Fifty years ago, my Grandmother, Susan Catlin, was an early advocate for special needs children and both she and my Mom would be thrilled about this year’s choice,” offered Tommy Praytor. The Mobile Area Association of Realtors will donate $500 to Mobile’s Challenged Revelers in Emmons honor. Old time race fans may remember Emmons from his racing days in the early days of Mobile International Speedway.  

Picture: Thomas Praytor, Emmons and Hayley Praytor

  

Jamie Praytor Humanitarian Award Winner
Larinda Gann Musgrove


Larinda Gann Musgrgove earned the 2011 Jamie Praytor Humanitarian Award for her tireless volunteer effort in our community. Larinda serves on the McKemie Place advisory council and has orchestrated many events and improvements to the building, as well as being actively involved with the YMCA College of Mentors program. Recently Larinda co-chaired the TLAR Love fund, raising funds to help a family purchase a memorial marker for a local realtor. A past president of the Women’s Council of Realtors, a regular contributor to the Children’s Miracle Network. We at Praytor Realty are honored to see Larinda receive the 2011 Jamie Praytor Humanitarian Award.
 

 

 

 
 
 
 
 
 

 

 

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Last modified: January 26, 2015