October showed a 2% increase in sales dollars to $81,448,878 from September’s $79,669,696, and a 15% increase in sales dollars from October 2011 which registered $70,294,761.Â Tom Brander, real estate expert, stated in hisÂ blog that October’s numbers displayed ‘aÂ solid performance in a normally seasonally slow month.’ Â Housing inventory levels are coming down, while the 12-month moving average line of sales continues to point upward.
Low mortgage rates have been contributing to a growing number of prospective buyers choosing to purchase new homes for sale in the Fairhope area. Â New home sales registered 40 in September and 32 in October, which favorably compares with the 28 from last year. Â A growing number in sales of new homes is ‘indicative of a recovering market,’ says Brander.
New home prices have been heading up fairly consistently since the beginning of the year, and have increased to from September. Â The rise in home prices has also put a sense of urgency into potential home buyers, who have looking to buy new luxury condos in a new housing community like Colony at the Grand, while market conditions are still favorable.
Overall, it seems as though housing market conditions in the Baldwin County and Coastal Alabama areas are heading in the right direction and have provided new home buyers with a great opportunity to buy new homes while low rates last and before prices rise higher.
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