MOBILE MARKET WATCH Mitchell College of Business Center for Real Estate Studies Mobile Residential Reports Price Trends by Zone Spring 2009 This report covers summary data from the Mobile Area Multi-List. The numbers cover all sold properties represented by real estate agents for the time periods shown. This report is available at the CRES website: http://cres.southalabama.edu/ USA takes reasonable measures to ensure the quality of the data and other information produced. However, USA makes no warranty, express or implied, nor assumes any legal liability or responsibility for the accuracy, correctness, or completeness of any information, nor represents that its use would not infringe on privately owned rights. Reference to any specific commercial product, process, or service does not constitute an endorsement, recommendation, or favoring by USA. For further information please contact: Analysis completed by: Professor Donald Epley, Director of the Center for Real Estate Studies E-mail: depley@usouthal.edu Phone: 251.460.6735 or MLS Office: 251.479.8654 Center for Real Estate Studies Mitchell College of Business University of South Alabama Mobile Residential Page - 1 Price Trends by Zone Price Trends by Zone Spring 2009 Zone Year / Quarter Avg Sale Price Median Sale Price Avg Sales Avg Days Number Conventional Price S.F. on Market Sold as % of Total Conv FHA as % FHA Sales Cash as % Cash Sales Sales of Total Price S.F. of Total Price S.F. Price S.F. Total Mobile MLS 126,000 75 89 698 0.32 84 0.39 80 0.21 47 Annual 2008 2008 4 2008 3 2008 2 2008 1 2009 1 140,309 153,000 142,257 156,047 162,801 144,326 133,850 122,500 137,900 138,975 129,000 83 76 85 86 81 85 78 83 88 89 4118 778 1,083 1,256 955 41.36 34.45 37.48 43.23 48.80 93 86 96 96 91 31.84 35.22 35.83 31.37 25.24 83 80 84 84 82 19.57 23.52 19.02 17.99 18.95 59 52 60 64 59 Annual 2007 2007 4 158,891 158,914 135,702 136,705 87 88 66 70 5,097 1,099 68.65 62.60 91 94 11.36 15.56 82 82 14.89 15.29 73 74 2009 1 71,350 52,000 63 252 5 0.6 24 0.2 55 0.2 187 Annual 2008 2008 4 2008 3 2008 2 2008 1 145,851 141,146 150,469 143,985 150,076 133,500 63,900 144,600 164,650 169,900 109 76 110 115 130 85 37 107 76 131 40 9 7 15 9 52.5 11.11 71.42 60.00 66.67 136 227 143 128 128 7.5 22.22 0.00 6.67 0.00 48 48 0 48 0 35 55.56 28.57 33.33 22.22 76 58 29 105 94 Annual 2007 2007 4 151,220 157,961 132,753 167,961 100 116 77 79 52 20 61.54 65.00 110 116 7.69 5.00 76 68 25.00 25.00 83 115 48 32 2 0.5 20 0.5 76 0 01-Downtown 02-MidTown South 2009 1 86,450 Annual 2008 2008 4 2008 3 2008 2 2008 1 169,716 186,212 168,408 175,085 118,286 142,500 145,000 129,750 145,600 117,500 79 75 85 84 57 68 46 57 91 63 51 13 10 20 7 58.82 30.77 60.00 75.00 57.14 97 124 92 99 64 13.73 15.38 30.00 5.00 14.29 87 89 91 96 64 27.45 53.84 10.00 20.00 28.57 36 43 23 25 40 Annual 2007 2007 4 162,020 183,261 135,100 167,000 82 95 54 60 62 19 69.35 63.16 91 109 3.23 5.26 63 76 22.58 21.00 61 65 Mobile Residential Page - 2 Price Trends by Zone Price Trends by Zone Spring 2009 Zone Year / Quarter Avg Sale Price Median Sale Price Avg Sales Avg Days Number Conventional Price S.F. on Market Sold as % of Total Conv FHA as % FHA Sales Cash as % Cash Sales Sales of Total Price S.F. of Total Price S.F. Price S.F. 03-MidTown East 164,000 89 68 40 0.475 94 0.2 93 0.23 64 Annual 2008 2008 4 2008 3 2008 2 2008 1 2009 1 177,056 180,820 176,436 187,299 188,662 160,098 164,500 130,000 168,960 174,450 144,400 97 90 97 96 100 77 72 86 81 69 199 34 54 64 43 57.29 44.12 59.25 53.13 69.77 102 95 99 103 103 36.13 20.59 22.22 28.13 11.63 97 94 96 98 98 27.73 23.53 12.96 17.19 16.28 78 73 77 71 98 Annual 2007 2007 4 167,072 166,265 150,000 149,500 105 121 67 70 294 59 77.21 71.19 107 120 5.78 11.86 106 113 14.97 15.25 96 124 04-Dauphin Isnd Pkwy / North 2009 1 48,304 40,000 38 81 35 0.14 33 0.26 59 0.54 27 Annual 2008 2008 4 2008 3 2008 2 2008 1 Annual 2007 50,775 46,910 54,900 57,996 42,332 44,150 43,700 51,250 47,000 36,900 38 36 40 43 32 81 85 73 88 84 187 41 54 45 39 19.25 21.95 0.09 24.44 28.21 36 31 34 45 32 22.46 21.95 33.33 98.87 10.26 61 60 62 60 61 52.94 56.09 53.70 46.67 51.28 28 29 27 30 28 62,593 56,367 64,500 53,500 49 44 56 62 203 44 49.26 29.55 54 39 17.24 29.55 63 61 28.08 31.82 30 34 2007 4 07-Mid Town West 2009 1 98,978 80,000 64 97 25 0.36 70 0.44 67 0.20 46 Annual 2008 2008 4 2008 3 2008 2 2008 1 Annual 2007 113,844 147,420 99,482 98,666 117,192 94,900 111,000 85,000 96,681 93,000 72 77 71 71 68 67 71 64 71 65 124 29 37 30 27 40.32 37.93 27.03 46.67 51.85 77 90 74 58 73 32.26 24.14 51.35 26.67 22.22 78 82 77 74 83 22.58 31.03 18.91 20.00 22.22 52 58 48 58 40 104,721 103,620 92,000 90,000 72 72 47 48 127 35 66.14 51.43 77 76 9.45 17.14 80 83 18.90 20.00 54 56 2007 4 Mobile Residential Page - 3 Price Trends by Zone Price Trends by Zone Spring 2009 Zone Year / Quarter Avg Sale Price Median Sale Price Avg Sales Avg Days Number Conventional Price S.F. on Market Sold as % of Total Conv FHA as % FHA Sales Cash as % Cash Sales Sales of Total Price S.F. of Total Price S.F. Price S.F. 09- MidCentral 2009 1 56,536 36,000 35 92 14 0.14 20 0.43 55 0.43 20 Annual 2008 2008 4 2008 3 2008 2 2008 1 Annual 2007 2007 4 46,160 44,638 53,485 44,967 43,934 55,273 58,735 36,000 37,900 35,000 35,000 36,250 48,500 62,000 33 31 35 32 34 40 43 72 34 96 83 72 58 57 85 17 17 24 26 104 26 28.24 35.29 11.76 25.00 38.46 42.31 34.62 37 23 18 57 39 47 46 21.18 23.53 41.18 16.67 11.54 16.35 26.92 55 62 58 43 54 58 66 43.53 29.41 41.18 54.17 46.15 36.54 34.62 20 22 20 17 23 22 24 10-Eight Mile / Pritchard 2009 1 42,368 31,000 31 60 17 0.12 24 0.18 57 0.65 23 Annual 2008 2008 4 2008 3 2008 2 2008 1 Annual 2007 66,609 52,447 89,244 59,746 67,036 65,000 43,000 82,000 79,950 65,000 42 31 56 42 45 86 62 90 102 93 51 17 13 10 11 15.69 5.88 7.69 10.00 45.45 46 31 23 50 52 35.29 29.41 53.84 40.00 9.09 61 60 23 55 84 43.14 58.24 30.77 40.00 36.36 25 19 40 20 28 80,601 60,449 72,000 47,895 53 39 56 48 57 14 54.39 42.86 62 34 12.28 14.29 68 60 28.07 28.57 29 32 2009 1 57,522 60,000 37 61 13 0.23 30 0.31 57 0.46 27 Annual 2008 2008 4 2008 3 2008 2 2008 1 73,626 77,447 76,462 77,585 63,915 74,000 73,900 75,000 79,400 69,450 50 49 49 57 47 70 58 84 52 89 89 25 13 22 28 28.09 8 38.46 31.82 39.29 53 38 43 64 53 38.2 56 38.46 36.36 21.43 63 59 63 65 68 23.59 32 15.38 22.73 21.43 29 31 27 32 26 Annual 2007 2007 4 75,164 83,209 78,250 84,900 56 64 61 60 114 29 64.91 44.83 58 66 14.91 34.48 70 68 17.54 17.24 38 47 2007 4 11-Chickasaw Mobile Residential Page - 4 Price Trends by Zone Price Trends by Zone Spring 2009 Zone Year / Quarter Avg Sale Price Median Sale Price Avg Sales Avg Days Number Conventional Price S.F. on Market Sold as % of Total Conv FHA as % FHA Sales Cash as % Cash Sales Sales of Total Price S.F. of Total Price S.F. Price S.F. 14-MunPark / West Ctrl 2009 1 95,696 87,900 61 72 50 0.22 54 0.40 69 0.26 49 Annual 2008 2008 4 2008 3 2008 2 2008 1 Annual 2007 97,661 85,914 101,636 103,260 96,827 97,000 85,000 104,250 102,000 95,250 66 56 69 68 69 77 72 71 76 87 267 44 62 83 74 26.59 22.73 20.97 22.89 37.84 69 58 69 72 70 46.07 54.54 48.39 44.58 41.89 73 62 72 76 79 20.97 22.73 20.97 26.51 16.22 48 40 53 50 46 108,968 105,290 110,000 105,000 71 69 59 72 299 67 66.56 53.73 73 67 15.05 23.88 79 80 12.37 11.94 54 66 199,000 115 105 36 0.56 126 0.22 108 0.17 97 245,319 231,598 211,277 295,778 212,391 169,900 172,000 171,500 176,150 162,000 114 108 109 123 110 85 124 67 95 66 194 31 49 60 50 57.22 45.16 51.02 58.33 70.00 118 111 119 171 113 18.56 32.25 20.41 21.67 6.00 98 94 98 101 100 21.13 16.13 26.53 15.00 24.00 117 106 97 171 105 256,314 260,795 175,000 175,000 112 114 73 75 253 47 72.73 65.96 111 109 3.56 6.38 103 106 22.92 25.53 115 128 140,500 85 72 55 0.42 94 0.45 82 0.11 64 163,970 155,306 179,908 159,591 160,098 142,900 148,000 145,950 139,900 152,500 87 82 89 89 87 82 75 89 87 72 306 57 82 101 64 52.94 49.12 54.88 50.50 57.81 91 85 98 92 89 27.45 29.82 26.83 32.67 17.19 86 93 82 86 84 14.71 19.3 12.41 11.88 17.19 79 65 74 91 86 181,376 202,312 149,900 166,000 89 92 68 67 408 97 73.77 70.10 90 94 8.58 13.40 87 88 14.71 11.34 89 99 2007 4 15-Springhill / USA 2009 1 238,743 Annual 2008 2008 4 2008 3 2008 2 2008 1 Annual 2007 2007 4 16- Cottage Hill North 2009 1 162,315 Annual 2008 2008 4 2008 3 2008 2 2008 1 Annual 2007 2007 4 Mobile Residential Page - 5 Price Trends by Zone Price Trends by Zone Spring 2009 Zone Year / Quarter Avg Sale Price Median Sale Price Avg Sales Avg Days Number Conventional Price S.F. on Market Sold as % of Total Conv FHA as % FHA Sales Cash as % Cash Sales Sales of Total Price S.F. of Total Price S.F. Price S.F. 17-Cottage Hill South 2009 1 154,662 Annual 2008 2008 4 2008 3 2008 2 2008 1 Annual 2007 2007 4 142,000 80 90 37 0.22 74 0.62 79 0.11 96 198,760 197,300 196,828 210,970 187,523 150,000 139,500 150,000 149,100 153,000 89 84 91 94 86 82 61 74 86 95 242 39 57 81 63 46.69 41.03 47.36 45.68 52.38 95 91 97 100 91 34.29 38.46 38.60 34.57 26.98 83 84 85 82 83 13.63 17.95 14.04 9.88 14.29 78 68 87 81 79 196,339 192,735 160,000 148,750 91 91 62 73 275 48 76.00 72.92 93 94 9.09 12.50 86 84 10.91 10.42 83 86 173,000 92 92 59 0.51 95 0.37 88 0.03 109 190,676 170,191 191,576 201,670 183,602 155,000 139,500 162,000 169,000 151,000 86 93 98 98 94 81 80 73 92 77 454 76 117 158 99 51.76 39.47 41.88 58.23 62.63 100 98 103 102 97 27.09 31.58 37.61 21.52 20.20 92 87 95 93 90 12.77 19.74 12.82 10.76 11.11 89 93 90 89 82 185,454 189,988 162,000 170,450 97 97 64 80 587 120 76.32 74.17 97 98 10.05 13.33 94 95 8.69 8.33 96 94 140,000 87 87 25 0.28 91 0.56 88 0.08 55 132,931 125,169 125,991 147,151 127,201 123,000 106,149 123,425 131,000 130,000 78 77 79 82 72 90 93 91 85 94 140 29 40 40 29 35.71 41.38 30.00 35.00 39.93 77 81 71 82 73 38.57 27.59 37.50 47.50 39.93 85 79 92 83 81 18.57 24.14 30.00 12.50 6.90 66 66 72 66 31 123,298 120,383 120,450 119,750 80 76 53 57 162 32 66.67 56.25 81 81 16.05 15.63 80 76 7.41 12.50 75 79 18- West Mobile 2009 1 201,572 Annual 2008 2008 4 2008 3 2008 2 2008 1 Annual 2007 2007 4 19-Tillman's Corner 2009 1 157,098 Annual 2008 2008 4 2008 3 2008 2 2008 1 Annual 2007 2007 4 Mobile Residential Page - 6 Price Trends by Zone Price Trends by Zone Spring 2009 Zone Year / Quarter Avg Sale Price Median Sale Price Avg Sales Avg Days Number Conventional Price S.F. on Market Sold as % of Total Conv FHA as % FHA Sales Cash as % Cash Sales Sales of Total Price S.F. of Total Price S.F. Price S.F. 20-Western Bay Shores 2009 1 127,614 Annual 2008 2008 4 2008 3 2008 2 2008 1 Annual 2007 2007 4 52,000 55 65 13 0.08 9 0.15 80 0.69 52 170,073 161,469 150,525 202,259 165,240 125,000 77,000 110,000 170,000 118,500 83 80 76 95 86 117 89 83 146 186 86 16 30 26 10 46.51 50 43.33 50.00 40.00 101 97 91 105 122 20.93 6.25 26.67 23.08 30.00 71 51 71 76 67 32.56 43.75 30.00 26.92 30.00 66 64 59 91 58 185,996 188,500 137,950 160,500 99 111 81 63 108 18 68.52 72.22 101 131 9.26 5.56 70 74 19.44 16.67 104 65 21-Dauphin Isnd Pkwy/ South 2009 1 58,215 40,000 40 111 26 0.19 43 0.27 55 0.50 27 Annual 2008 88,126 68,500 58 95 106 28.3 80 31.13 60 34.91 38 2008 4 2008 3 2008 2 2008 1 Annual 2007 60,589 97,385 94,087 94,495 58,500 51,500 82,375 72,000 41 65 53 63 82 98 89 109 19 32 29 29 10.53 21.85 27.59 41.38 38 142 61 72 47.37 21.85 31.03 27.59 51 54 60 77 43.11 46.88 41.38 20.70 31 35 43 32 114,182 118,677 79,900 73,950 70 73 84 75 171 30 57.89 43.33 79 92 13.45 16.67 72 79 24.56 30.00 51 45 2007 4 22-South Mobile County / Theodore 2009 1 111,403 Annual 2008 2008 4 2008 3 2008 2 2008 1 Annual 2007 2007 4 112,000 65 107 39 0.31 67 0.36 76 0.28 48 108,577 108,758 105,452 112,250 103,386 114,000 113,000 111,750 117,900 114,300 72 70 72 75 71 78 92 74 74 74 212 49 52 61 48 25 24.49 26.92 19.67 29.17 77 70 74 77 84 42.45 46.94 42.31 40.98 39.58 82 80 80 85 83 22.64 18.37 23.08 24.59 25.00 47 39 54 49 42 126,059 135,181 119,600 121,202 80 78 55 64 243 46 59.26 47.83 84 86 20.16 21.74 80 75 13.58 23.91 64 72 Mobile Residential Page - 7 Price Trends by Zone Price Trends by Zone Spring 2009 Zone Year / Quarter Avg Sale Price Median Sale Price Avg Sales Avg Days Number Conventional Price S.F. on Market Sold as % of Total Conv FHA as % FHA Sales Cash as % Cash Sales Sales of Total Price S.F. of Total Price S.F. Price S.F. 23-Grand Bay 2009 1 107,938 Annual 2008 2008 4 2008 3 2008 2 2008 1 Annual 2007 2007 4 105,000 66 97 14 0.43 68 0.29 87 0.29 41 128,324 124,618 143,609 120,542 121,444 124,000 91,250 155,000 124,000 100,525 75 71 83 79 64 79 88 71 89 59 70 12 19 25 14 40 41.67 42.11 40.00 35.71 83 57 90 86 94 31.43 41.67 36.84 36.00 14.29 84 87 91 88 47 20 16.67 15.79 16.00 35.71 48 69 37 43 51 159,208 131,743 161,187 139,575 84 71 55 60 243 28 59.26 46.43 84 87 20.16 21.43 80 71 13.58 21.43 64 39 24- West Mobile County 2009 1 193,654 Annual 2008 2008 4 2008 3 2008 2 2008 1 Annual 2007 2007 4 185,000 93 103 50 0.42 98 0.4 89 0.06 71 205,518 193,784 211,543 205,209 213,529 186,900 180,000 199,000 191,950 188,450 99 94 99 99 100 97 91 81 96 102 359 48 125 124 80 52.37 52.08 40.80 50.81 66.25 101 97 99 102 103 31.48 31.25 37.60 33.06 21.25 98 93 100 96 95 5.29 6.25 4.80 4.84 5.00 78 65 90 69 82 215,488 222,437 189,900 193,700 104 106 64 68 501 120 78.44 79.17 106 110 8.78 9.17 99 102 5.79 41.67 93 77 169,100 88 94 59 0.20 78 0.51 89 0.07 88 165,349 187,672 155,305 151,947 147,212 152,900 193,000 153,750 148,900 139,000 87 86 90 84 84 66 56 61 80 80 290 60 66 73 70 37.24 26.67 34.85 42.47 44.29 92 85 95 53 91 41.38 48.33 43.94 36.99 37.14 88 89 91 82 83 8.62 10 7.58 10.96 10.00 56 62 40 53 63 147,658 153,921 135,700 142,900 84 85 68 79 268 52 65.67 57.69 87 89 17.91 26.92 83 83 8.58 9.62 63 72 25-Semmes 2009 1 175,161 Annual 2008 2008 4 2008 3 2008 2 2008 1 Annual 2007 2007 4 Mobile Residential Page - 8 Price Trends by Zone Price Trends by Zone Spring 2009 Zone Year / Quarter Avg Sale Price Median Sale Price Avg Sales Avg Days Number Conventional Price S.F. on Market Sold as % of Total Conv FHA as % FHA Sales Cash as % Cash Sales Sales of Total Price S.F. of Total Price S.F. Price S.F. 26-Semmes / Wilmer / Lott Road 2009 1 119,380 Annual 2008 2008 4 2008 3 2008 2 2008 1 Annual 2007 2007 4 115,000 69 69 37 0.19 61 0.54 80 0.14 25 134,573 123,945 148,071 136,607 124,810 134,900 121,500 137,500 141,825 127,350 74 66 81 76 72 89 67 81 83 123 212 45 53 62 49 33.02 28.89 33.96 38.71 30.61 84 73 88 82 89 40.09 42.22 47.17 30.65 42.86 79 79 84 79 71 18.39 17.78 11.32 20.97 22.45 44 27 54 52 46 138,963 138,118 133,530 135,000 78 79 80 92 245 49 70.20 77.55 83 82 12.65 6.12 81 81 11.84 8.16 49 84 127,400 81 90 15 0.33 84 0.60 85 0.07 25 141,192 132,421 153,900 143,476 134,741 122,900 121,000 119,800 132,000 123,500 80 76 77 83 82 83 66 99 89 80 120 29 29 33 27 31.67 37.93 41.38 27.27 22.22 78 65 77 50 78 45.83 48.28 34.48 57.57 40.74 87 83 82 85 98 18.33 6.89 20.69 15.15 29.63 60 64 63 96 64 151,593 145,941 134,900 135,000 85 82 61 67 133 33 63.91 60.61 86 85 15.04 24.24 84 75 17.29 12.12 76 86 134,000 85 74 14 0.29 100 0.57 87 0.14 49 163,731 151,638 157,431 171,661 161,207 147,900 137,850 150,000 154,450 140,555 88 84 84 90 89 96 73 87 100 108 126 20 29 42 34 42.06 30 41.38 40.48 50.00 90 85 83 91 92 34.13 50 37.93 33.33 23.53 92 91 93 90 95 13.49 10 17.24 11.90 14.71 73 34 67 90 76 166,237 147,672 147,500 141,700 91 93 66 73 161 34 69.57 58.82 93 99 12.42 14.71 93 98 14.29 17.65 75 80 27-Saraland 2009 1 137,553 Annual 2008 2008 4 2008 3 2008 2 2008 1 Annual 2007 2007 4 28-Saraland / Satsuma / Axis / Creola 2009 1 163,011 Annual 2008 2008 4 2008 3 2008 2 2008 1 Annual 2007 2007 4 Mobile Residential Page - 9 Price Trends by Zone Price Trends by Zone Spring 2009 Zone Year / Quarter Avg Sale Price Median Sale Price Avg Sales Avg Days Number Conventional Price S.F. on Market Sold as % of Total Conv FHA as % FHA Sales Cash as % Cash Sales Sales of Total Price S.F. of Total Price S.F. Price S.F. 29-NE Mobile City / Mt. Vernon 2009 1 66,680 66,400 34 124 5 0.40 60 0.20 21 0.40 15 Annual 2008 2008 4 2008 3 2008 2 2008 1 97,339 62,603 84,800 128,636 111,524 83,000 59,000 79,500 110,000 119,500 59 35 56 77 67 99 86 59 90 155 27 7 6 7 7 29.63 42.86 33.33 14.29 28.57 54 45 52 55 45 37.04 0 50.00 42.86 57.14 81 0 69 90 84 33.33 57.14 16.67 42.86 14.29 38 28 26 55 43 Annual 2007 2007 4 106,047 73,667 83,700 50,000 58 49 75 34 43 9 53.49 44.44 72 51 6.98 22.22 76 74 34.88 33.33 29 29 193,000 201 292 6 0.50 221 0.20 96 0.20 125 333,560 385,000 304,855 351,841 322,774 280,000 225,000 273,235 345,000 247,500 229 255 219 230 225 294 364 431 149 220 41 6 14 11 10 58.54 66.67 42.86 63.63 70.00 238 285 251 219 218 0 0 0.00 0.00 0.00 0 0 0 0 0 31.71 33.33 35.71 36.36 20.00 222 196 180 250 294 327,317 261,923 265,000 240,000 266 192 177 201 39 7 56.41 71.43 255 183 0.00 0.00 0 0 41.03 28.57 271 214 57,000 55 36 7 0.29 96 0.14 92 0.57 26 121,762 134,917 135,547 100,400 111,026 107,210 84,000 126,250 74,000 113,605 67 62 72 63 66 88 139 78 84 77 40 6 16 10 8 32.5 66.67 18.75 30.00 37.50 69 61 93 43 81 35 16.67 31.25 50.00 37.50 78 85 72 89 68 20 0 31.25 20.00 12.50 40 0 44 28 43 115,849 130,191 121,750 125,000 71 80 114 90 54 11 64.81 81.82 78 87 12.96 0.00 68 0 18.52 9.10 54 72 30-Dauphin Island 2009 1 193,833 Annual 2008 2008 4 2008 3 2008 2 2008 1 Annual 2007 2007 4 31-NW Mobile City / Citronelle 2009 1 106,471 Annual 2008 2008 4 2008 3 2008 2 2008 1 Annual 2007 2007 4 Mobile Residential Page - 10 Price Trends by Zone