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Jamie Praytor
Humanitarian Award

April 2012 Housing Report
Sales Tank-Prices Whipsaw Higher-Inventory Stays Down

• 414 homes were sold in April versus 450 in March – An 8% decrease. Flat compared to April 2011.
• Average home prices whip sawed upwards an average price of $149,365 in April compared to $131,037 in March – up 12%. Average sales price for 2011 was $140,530, 2010 was $150,845.00.
• The time it takes to sell remained flat at 115 days in April. Average time for 2011 was 112 days.
• Pending home sales dropped to 560 from 608 homes in March. Down 6%!
• Supply of available inventory rose mildly 9.24 months in April versus 8.92 months in March. Average supply for 2011 was 11.92 months. Total houses on market remained at the 4,000 level- 4,033.

Disappointing is the best way to describe April’s homes sales. With a big number in March coupled with over 600 new pending homes sales in March we were expecting over 500 closed sales in April and there were only 414. The 414 number is not only significantly lower than expectations they were even lower than March. Usually the Spring selling season builds higher each month, to go backwards in April is a real concern. However, the Mobile/Baldwin Housing market appears to be hacking around like the stock market looking for direction. While sales were less than expected, the average sales price was significantly higher, up 12% in one month. An average sales price of $149,365 in April was the highest price this year and up sharply from $131,037 in March. February prices spiked sharply only to fall back in March. Pending sales point to prices holding a little better in May and we may not experience as sharp of a fall back as we did in March. Our unofficial poll of Realtors, Mortgage Brokers and Title Companies all point to increased activity so far in 2012. Most say they are working on less expensive deals but more of them. The rental market has been the darling of this market over the last 2 years but everyone appears to be trying to get in on the action. In looking at the daily MLS updates there appears to be more rentals coming to the market than are being rented. Part of the lessening demand can be hooked to the fact that it is now cheaper to own than it is to rent in the Mobile/Baldwin market. With interest rates at 3.5-4% and more buyers finding ways to get financing rental demand could slow down in the 2^nd half of 2012.

Gas Watch: In an oversimplified world we believe the price of gas is a defining factor to all other segments of the market. Crude oil prices have dropped over 10% in the last few weeks. Another 10% and gas could be around $3.00 at the pump. $3.00 per gallon for Summer vacations will be big news to every segment of the US economy.

Congratulations to Nancy Noland Partridge on being our top sales agent in April, making it 2 months in a row at the top of the of the heap.-Tommy Praytor, President Praytor Realty

 

2011 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.
 

CONGRATULATIONS TO SHANNON JACKSON THE 2011 TRACK CHAMPION IN THE PRAYTOR REALTY SUPER STOCKS AT MOBILE INTERNATIONAL SPEEDWAY A RICK CRAWFORD PERFORMANCE TRACK

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Last modified: May 16, 2012