Around midtown Mobile you can still find a lot of for sale signs. Some homes are just on the market.
Other signs are advertising a reduced price. For many of the realtors behind these signs, things are looking up.
"We actually had 5000 plus homes for sale in Mobile [during the height of the recession] and right now we have 3248 homes for sale so the falling inventory shows a more vigorous market," says the co-owner of LLB&B Real Estate Melissa Morrissette. The Mobile market currently has about 8.23 months worth of houses for sale. At the height of the recession it was three times that amount. A vigorous market would have about six months worth of houses for sale. Things are looking better but not as good as the heyday of post Katrina sales when displaced people were looking for somewhere to live.
"I don't know if we'll ever see that again but with all the economic development that's going on in mobile that we are definitely moving in the right direction and I hope we're heading to a more vigorous market than we are in right now," says Morrissette. Housing sales mean home values are inching upward. Interest rates are still very low at two and a half to three and a half percent so in most cases it's still a buyer's market. Rental homes are getting harder to find with the housing stock selling briskly.
"We have six calls per home a day so therefore so therefore we are looking for many more rental homes to lease out," says Sonja Fowler with Sonja Fowler and Associates.