The number of sales increased between March and April from 298 to 303 while the average sale price increased from $144,396 to $150,824. The average days on the market increased by 4 to 89.The highest volume of sales remains in the 0-$99,000 bracket with 85. The volume of sales in the $200.000-$300,000 range showed the largest gain of 17 rising from 33 to 50. Further, the median sale price increased by $9,500 to $134,000. The Mobile market showed signs of improvement even through almost all categories are performing at levels lower than April, 2008.
The highest volume of sales was in the $100,000-$149,000 price range followed by the $99,999 and under bracket. Only four properties over $.5 million sold which is the same volume as April. Properties priced at $150,000 and under are 59.8 percent of the current single-family market. Properties priced under $200,000 make up 77.8 percent of all sales.
The U.S. average sales price increased from $210,500 to $211,300, the median increased also from $168,200 to $169,900, and the number of sales increased 27.5 percent. Further, the available inventory declined slightly to 9.6 months. Although these numbers slow improvements from February to March, they are still below the levels for March, 2008.
]]>The 124-year-old, storm-lashed lighthouse still stands in Mobile Bay a year after the Alabama Lighthouse Association called for moving it onshore. The familiar landmark could be restored on dry land if the Alabama Historical Commission approves the move. It meets on Tuesday. For more, see Panel to discuss moving Middle Bay Lighthouse - WLOX-TV and WLOX ...
That’s an increase of 43.7 percent, one of the stronger rates among 250 areas ranked by Bizjournals, the online division of American City Business Journals, which has 41 publications.
The Mobile metro area, meanwhile, was listed among the slow growers, climbing in population by just 2.24 percent.
“Projections are just projections, of course,” said Daphne Councilman Ron Scott. “But it’s true that this area has a lot going for it in the long haul. People have been trying to come the to Eastern Shore forever, and that’s not going to change soon.”
G. Scott Thomas of Bizjournals, the reporter who compiled the data, said his population forecasts were made using U.S. Census Bureau data and estimates reported from 2000 to 2008. For the full story see Bizjournals predicts Eastern Shore growth – al.com.
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Forbes magazine named Mobile as one of the “Best Cities in America for Recession Recovery” this week.
The rankings cite the projected gross domestic product of metropolitan areas across the U.S., unemployment figures, home prices, incomes and affordability data.
Forbes notes that having diverse industries, like Mobile’s aerospace, maritime, health care and hospitality, were reasons for an anticipated quick recovery.
]]>The National Association of Realtors said Tuesday its seasonally adjusted index of sales contracts signed in April surged 6.7 percent to 90.3, far exceeding analysts’ forecasts. It was the biggest monthly jump since October 2001, when pending sales rose 9.2 percent.
Economists were encouraged by the report, and stock indexes advanced modestly.
“This is yet another positive indication that the bottoming process is forming,” Jennifer Lee, an economist at BMO Capital Markets, wrote in a note to clients. “Now if only prices would stabilize.”
The Realtors’ index was 3.2 percent above last year’s levels and has risen for three straight months after hitting a record low in January. A nearly 33 percent sales increase in the Northeast and a 9.8 percent jump in the Midwest led the overall surge. Sales contracts rose 1.8 percent in April from a month earlier in the West, but fell 0.2 percent in the South.
The big boost likely reflects the impact of a new $8,000 tax credit for first-time homebuyers that was included in the economic stimulus bill signed by President Barack Obama in February. Since buyers need to finish their purchases by Nov. 30 to claim the credit, “we expect greater activity in the months ahead,” Lawrence Yun, the Realtors’ chief economist, said in a statement.
Obviously this is great news for some areas of the country. It will be interesting to see if this trend will continue. One impact on continued increases will most likely hinge on the mortgage rates. Some industry experts are predicting rates will rise steadily over the next few months. If this happens, it could mean another downturn in the housing market and economy across the board. I think it’s important that all possible steps be taken to insure rates don’t rise above a level homebuyers can tolerate.
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First let me look at this issue from the bar owners' perspective. Since the rebirth of downtown, the bars have played a major role in bringing people to that area. The bars aligned with the growing number of restuarants and art venues provide a major entertainment district. The police now have a major presence on weekend nights and usually quell any blatant nuisances and disorderly conduct. So, it appears for the most part the situation with the bars is under control.
The bar district covers most of downtown Mobile from Royal Street on the East to Washington Street on the West side of town. And most of the downtown area is currently zoned commercial. The alcohol laws in Mobile are unrestrictive to a degree. Bars with private memberships can stay open and serve alcohol all night. Since the bars played a major role in the revitalization of downtown, then why should a noise ordinance b e imposed upon them? A noise ordinance may hurt business in an already economic downtown.
But on the other hand, how are Realtors, for instance, supposed to successfully encourage people to invest in new condos or townhomes downtown? Whenever I show property downtown, one of the first questions is, "how bad is the noise from the bars?" Now bar owners will argue people who move downtown should expect noise. Well, yes, that is true to an extent. But homeowners also expect to go to bed at a decent hour and sleep undisturbed through the night. And why should'nt people be allowed to live downtown and have that opportunity without being blasted out of their beds with noise from the bars?
So I truly think a compromise is needed. I believe portions of downtown Mobile should be rezoned residential without the option for commercial use. Give Dauphin Street to the bars, but return streets such as St. Francis, St. Michael, and others back to the people. Impose some noise restrictions or new laws, laws whereby bars are not allowed to stay open all night regardless.
It's time for people to move back downtown. It's time to bring more vitality downtown. It's time for the city council to examine the issues and make the strong decisions necessary to insure both successful residential growth and business expansion.
]]>The Alabama Legislature has gone along with a change made by Gov. Bob Riley to a stimulus bill that would spend $6 million in state funds to help spur home sales in the state.
The approval of the governor's executive amendment means the bill will become law.
The House voted 95-0 Tuesday for a minor change made by the governor to the bill concerning how payments would be made. The Senate had approved the governor's executive amendment last week.
The bill was sponsored by Sen. Lowell Barron of Fyffe. It would take $6 million from an oil and gas revenue savings account and put it into a fund to guarantee mortgages administered by the Alabama Housing Finance Authority.
As an experiment I put in my midtown address. The Walkscore came in at 63 out of 100 ranking "somewhat walkable". That seems reasonable. I would probably give about the same assessment when I think about what conveniences are close by, close enough to actually walk to.
Not only does the site give you a Walkscore, it also provide a Zestimate of your home value. provides you a map and listing of all local, in walking distance, conveniences, and the scoop on other neighborhoods and cities.
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For more see, Mobile widens its online profile - al.com
The sites are as follows;
The links will also added to the link list on the blog.
Today the City will hosts its first webinar featuring Mayor Sam Jones. According to the city's Facebook page,
"From the comforts of your home, join Mobile Mayor Sam Jones in a live, online community meeting, designed to give citizens firsthand information on issues affecting Mobile. The webinar is also an opportunity for citizens to submit questions and receive timely answers.
It will be live on Friday, April 3, 2009 from 5:00 - 6:30 p.m.
Prior to the webinar, please take a few minutes and test your connection
Here's how to take part:
1. Go to www.cityofmobile.org
2. Click on the City of Mobile Webinar link
3. Register your name and email address
4. Participate in the Webinar! Watch it live, ask a question, or make a comment."
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From the Press-Register,
“Emergency management officials say an updated storm surge map for Mobile and Baldwin counties reinforces the idea that only low-lying areas near waterways are likely to flood during hurricanes. The main change for Mobile is an expansion of the areas near downtown, Dog River and Prichard that could be impacted by surge from a Category 4 or 5 storm. For the Eastern Shore, the main change is an expansion of areas that could be affected by storms of all sizes, from Category 1 on up, particularly areas south of Point Clear and around Weeks Bay. The area north of Creola and east of U.S. 43 is also now believed to be more prone to flooding, particularly with strong storms, according to the latest predictions.
The map suggests that most of Mobile and Baldwin counties will never flood. It was created by the U.S. Army Corps of Engineers and the National Hurricane Center.
In Mississippi, officials with the Jackson County Emergency Management department said updated maps for Jackson County have not been released yet.
“The changes didn’t reduce the flood zones in any appreciable way. From a planning perspective, it didn’t really change what we believe will happen in a storm,” said John Kilcullen, a plans and operations officer with the Mobile Emergency Management Agency.
Officials said changes on the map are the product of better topographical information in the flood zones and experience from recent storms.
“We’ve got a lot of new information,” said Ronnie Adair, deputy director of Mobile’s emergency agency. “We’ve been through a lot of storms over the last several years. We now have historical data with storms hitting us from the east, the west, or running up the middle of the bay.”
For the full story, see Storm-surge map expands flood zones in Mobile, Baldwin counties.
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