Home Sales Rising in Mobile Area, Experts Say

Home Sales Rising in Mobile Area, Experts Say

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Mobile, AL -

 ‘Sunny' is the word used to describe the outlook on this year's housing market trend.

"Home sales so far have been great. We're seeing an increase," says Associate Broker with Roberts Brothers Butch Blum.

Residential sales are seeing a 33.8% increase over this same time last year and an 18.1% increase just since last month. Blum says the market is beginning to level out after the hit the economy took in 2007.

Blum says he's seen a dramatic increase in just the past three years. In February of 2010, there were 240 units sold in all Mobile, compared to this February. That number has skyrocketed to nearly 300.

"With the Airbus coming here and the potential for suppliers, I think we're seeing a great increase in people just inquiring about Mobile," says Blum.

Debbie Thompson lives in the Pinehurst subdivision and has seen a change over the last four years from her front porch.

"It got to be that you saw all these for sale signs but nothing ever sold and they eventually went up for rent. But now I'm starting to see more and more sold signs in here," says Thompson.

"Interest rates right now are between 3 ½-4, 4 ¼, just depending on the person's credit rating," adds Blum.

Foreclosures are coming off the market, increasing prices a bit, but overall prices seem to be stabilizing. The average and the median home price lingers between $100,000 and $120,000.

 "People are realizing that if they want the deal, now's the time to buy."

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