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First Quarter 2016 Gulf Front Condos Market Report
WHEW! What a (quarter) year it's been! The level of real estate activity I've witnessed during the "winter" months typically begins in late spring or early summer. But not this year. Buyers and sellers are jumping into the market sooner than ever before, driving demand up and inventory down.
According to the Alabama Center for Real Estate, residential sales in February of this year jumped 20 percent versus January. When compared to February 2015, sales climbed 6 percent. Add to that a 55 percent decline in housing inventory since the market peak in 2007, it's hard not to notice the incredible momentum. But, what's behind it?
As I've described in some of my earlier blogs, new businesses and construction, infrastructure upgrades and quality of life improvements (and of course the natural beauty!) are setting the stage for a new chapter of growth and prosperity throughout the area including Gulf Shores, Orange Beach and Foley. More and more, I am meeting first-time visitors to the area who want to buy. People who for years have been dreaming of moving to the coast are now taking real steps to make it happen, without the need to make multiple visits over an extended period of time. Potential buyers are now making more decisive and timely decisions to take immediate advantage of low interests rates and lower (but rising) property values. I anticipate this trend will continue as more and more baby boomers retire.
If you are a potential condo buyer or seller contemplating whether or not to jump into the market, the charts below may be of interest to you. They present sales statistics of Gulf front condos from January through March of this year (by price range and number of bedrooms). In all, buyers purchased 170 condos.
If you are interested in additional statistics (for a particular condo development, for example), don't hesitate to call me. I can also provide information on single family homes in the area. I would be happy to put my expertise to work for you as you contemplate your next steps. But, don't wait too long!
GULF FRONT CONDOS SALES STATISTICS:
January 1 - March 31, 2016:
ONE (1) BEDROOM
|# of Units Sold||2||8||9||9||4|
|Average Sales Price||$135,000||$169,000||$220,222||$256,000||$351,000|
|Sale Price as % of List Price||98.08%||97.02%||93.84%||94.59%||96.75%|
|Average Price per Square Foot||$238.14||$258.28||$320.67||$354.92||$383.62|
|Average Days on Market||71||280||182||112||69|
TWO (2) BEDROOM
|# of Units Sold||2||5||8||13||32||5|
|Average Sales Price||$133,800||$165,000||$208,929||$270,385||$342,047||$460,900|
|Sale Price as % of List Price||95.62%||94.35%||94.21%||95.77%||96.46%||97.40%|
|Average Price per Square Foot||$190.34||$199.25||$243.13||$290.78||$315.19||$375.35|
|Average Days on Market||321||151||155||383||137||71|
THREE (3) BEDROOM
|# of Units Sold||26||18||9||4||4||3||2|
|Average Sales Price||$358,450||$408,528||$453,778||$542,250||$633,125||$702,667||$867,000|
|Sale Price as % of List Price||95.97%||96.22%||94.99%||94.24%||97.36%||96.10%||92.57%|
|Average Price per Square Foot||$280.51||$307.10||$293.13||$305.64||$349.98||$350||$406.71|
|Average Days on Market||170||217||178||113||143||92||261|
|LIST PRICE||$450-600K||$601-$750K||$751-$900K||$901K-$1.2M||$1.2M +|
FOUR (4) BEDROOM
|# of Units Sold||1|
|Average Sales Price||$1,550,000|
|Sale Price as % of List Price||94.22%|
|Average Price per Square Foot||$442.35|
|Average Days on Market||342|
To see all currently-available condos, just click on the links below:
Just give me a call at (251) 942-3141 for more information or to view a property.
Christine Slaughter is an associate real estate broker with Realty Executives of Gulf Shores, Alabama. Originally from Australia (she moved to Alabama’s stunning coast nearly 30 years ago), her love of the sand, sun and seafood are deeply-rooted in her soul. If you are looking to buy or sell along the Alabama coast (or Florida), you can reach Christine directly at (251) 942-3141 or email her at Christine@ChristineSlaughter.com.
Let Christine help you catch the real estate wave in 2016!