• 492 homes were sold in June versus 480 homes May – A 3% increase over May and 94%  increase over January.
• Average home rose in June with the average price rising to $156,177 versus $151,135 in May – a 2% increase. Average sales price for 2009 was $157,935.00.
• The time it takes to sell a home remained constant at 95 days in June. Average time for 2009 was 93.2.
• Supply of available inventory remained flat at 11.52 months in June. Average supply for 2009 was 14.25 months.

SUPPLY: The supply of houses in the Mobile/Baldwin area remain extremely high. A 6-month supply is a good market, we’re over 11-months and have been higher. 5,500 houses with an average days on market at 126 is just too many. Half Empty.

FORECLOSURES-DISTRESSED PROPERTY: Foreclosures and distressed (short sale) properties are the buzz in the market. In June, foreclosures were 25% of all homes sold versus 6% in June of 2005. While foreclosures represent one-fourth of the homes sold only 1 out of 10 homes listed fall into this category. So 10% of the market is producing 25% of the sales. Half Empty.

BP: It will be years if not decades before we know the full effects of the BP disaster but as the spill approaches the 90 day mark some of the short term economic ripple effects are becoming evident. Like all other disasters on the coast, money is pouring in to overcome it's effect. Almost every sector of the economy not related directly to the water is getting a boost. Commercial real estate, hotels (non coastal), car rentals, car sales, construction, apartments, and many more have all experienced positive effects. The outside cash flowing into the coast will pump up the local economy over the near term, 6 months to 1 year, and by the end of the year if not sooner we will see a positive ripple effect on housing. While covered in oil this part of the BP disaster is adding water to the glass. If you want to drain the glass all the way empty just talk to Realtors who made their living from coastal properties. Their stories of 80- 90% cancellations in the days after the spill are just the tip of the iceberg that will sink the BP ship. No tourist, no vacation rentals, no restaurants, no groceries, no drinks, no gas, no boats, the ripple effects are unending. The Summer is the time for our coastal communities to store up for the lean winter months. Instead of storing up they are struggling to stay open. If they are struggling to stay open now think about where they will be in December, January and February. As it purely relates to real estate, thousands of condo owners use their Summer rentals to pay their mortgage payments for the year, no tourist no rent. How long will they last before a wave of BP forced foreclosures roll in across the coast? Start multiplying this effect to everyone who has anything to do with the coastal tourism business. Do the same exercise for the seafood industry and others effected by the spill and it gets pretty ugly. Frankly 20 billion is not near enough and it should be a slap in the face to those on the coast affected by the spill. To put it in historical perspective lets look back at Katrina. For a 1 day event State Farm paid $9 billion in claims. That was one company, for one day, $9 billion. BP is responsible for everyone’s claim, not just for 1 day, not just until they get it capped, not just until they get it cleaned up, they are on the hook for everyone until tourism and seafood return to their pre-spill levels. Back to lessons from Katrina, New Orleans is not back to pre-Katrina levels and it’s 5 years later. So how deep is the BP hole? Let’s go back to Katrina again, the Federal Government spent approximately $200 billion. $200 billion and they weren’t responsible for EVERYBODY. But $200 billion would bankrupt BP, exactly. One of two things and maybe both is getting ready to happen, BP as we know it will not survive or whole bunch of folks are getting ready to get screwed. BP is working on selling off assets and looking for equity partners, that’s a good sign for the coast because they need the cash. On the other hand we have reports from the Realtor committee dealing with BP they have put non-rental real estate claims on hold. Either way you look at it appears BP realizes it needs cash and lots of it. Did I drain your glass? While the numbers look bad, there is a part of the equation I’ve left out, something you can’t put a number on, the people of the Gulf Coast. Rebuilding from disasters is a way of life on the Coast and it is our people that I believe will fill the glass back up.” Tommy Praytor, President, Praytor Realty, Co., Inc.