Every month, analysis of real estate transactions are done. The results are posted to the ActiveRain blog. In performing the Mobile and Baldwin County Median Sales Price Analysis, it was decided to take a look at a 10 year period of time. This will allow an analysis of today's home selling prices in Mobile County and Baldwin County to be compared to what they were in 2001. Please check out the charts below:
Both Mobile and Baldwin County saw prices start rising in 2004 (this probably was the case in most real estate markets across the country). There was available money to be borrowed and most people invested in real estate. Demand was created and prices rose accordingly. Here along the Gulf Coast of Alabama the real estate market was affected positively by Hurricane Katrina which struck Louisiana in August of 2005. Both Counties, but especially Mobile County saw a influx of new residents that were moving from storm damaged areas in Louisiana and Mississippi. This possibly expains the trend in Mobile in 2007 still showing price increases, while in Baldwin County the prices started to drop. The home prices continued (and continues as of today) to drop with the exception of January 2009 in Mobile. There is no obvious reasons why this price increase. There were a few positive economic stories in Mobile - Austel winning contract to build more navy combat ships, optimism about the Northrop Gruman Air Force refueling tanker contract but that does not explain the spike. But since 2009, both Counties are on a downward slide which matches what the rest of the country is seeing. Here in both counties not only is the real estate market dealing with the after effects of the mortgage industry problems but rising insurance costs are making some owners sitting on sidelines.
Please contact the Gulf Region Properties team if you have any questions. Contact information is below. Also please feel free to leave comments. There is a button below marked "comments".
Steve Shaw
Keller Williams Realty
http://www.GulfRegionProperties.com/
http://www.AlabamaBestHomes.com/
http://www.MobileRealEstateWebsite.com/
Mobile Alabama Home Search Gadget
(251) 215-9382
Both Mobile and Baldwin County saw prices start rising in 2004 (this probably was the case in most real estate markets across the country). There was available money to be borrowed and most people invested in real estate. Demand was created and prices rose accordingly. Here along the Gulf Coast of Alabama the real estate market was affected positively by Hurricane Katrina which struck Louisiana in August of 2005. Both Counties, but especially Mobile County saw a influx of new residents that were moving from storm damaged areas in Louisiana and Mississippi. This possibly expains the trend in Mobile in 2007 still showing price increases, while in Baldwin County the prices started to drop. The home prices continued (and continues as of today) to drop with the exception of January 2009 in Mobile. There is no obvious reasons why this price increase. There were a few positive economic stories in Mobile - Austel winning contract to build more navy combat ships, optimism about the Northrop Gruman Air Force refueling tanker contract but that does not explain the spike. But since 2009, both Counties are on a downward slide which matches what the rest of the country is seeing. Here in both counties not only is the real estate market dealing with the after effects of the mortgage industry problems but rising insurance costs are making some owners sitting on sidelines.
Please contact the Gulf Region Properties team if you have any questions. Contact information is below. Also please feel free to leave comments. There is a button below marked "comments".
Steve Shaw
Keller Williams Realty
http://www.GulfRegionProperties.com/
http://www.AlabamaBestHomes.com/
http://www.MobileRealEstateWebsite.com/
Mobile Alabama Home Search Gadget
(251) 215-9382
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