Christine Slaughter
Broker Associate
Realty Executives Gulf Coast
Mid-Year 2016 Real Estate Update
Summer is in full swing along Alabama's Gulf Coast! The Fourth of July weekend marked the highpoint of the season and while many visitors are heading home after the long weekend, the summer fun continues in every direction! Sunworshippers are digging their toes in the sand at the end of 59, boats are cruising the Intracoastal Waterway along State Highway 180 (Canal Road), and shoppers are returning to Gulf Shores and Orange Beach from Tanger Outlet (and from other great spots) on the Foley Beach Express. It's been a great summer so far. In the case of real estate, the picture continues to be bright.
Gulf Coast Condos:
According to the latest figures from the Alabama Center for Real Estate at the University of Alabama's Culverhouse College of Commerce, 173 Gulf Coast condos sold in May 2016, an increase of 13% when compared to May 2015. When looking at the 5-year average (2011-2015), demand rose by 20.5%! At the same time, the average sales price of a condo this May was $291,309, or 11.7% less than the average sales price of $330,249 in May 2015. (Buyers: Think good deals!)
Given the current rate of demand coupled with lower prices, the number of condos available for sale (896 units) in May dropped by nearly 15% versus last May. To boot, a condo sat on the market for 33 fewer days than in May 2015, or a decrease of 16.8%. When looking at the 5-year average, a condo sold on average 24 days faster than last May. (Sellers: Competitive pricing is key in a tight market to move a property.)
Click here for the latest results from the Alabama Center for Real Estate.
Existing & New Construction Single-Family Homes:
In May of this year, 316 existing family homes sold versus 312 homes in May 2015 at an average sales price of $248,013 versus $248,903. On average, it took 147 days to sell an existing home in May 2016 - the same as in May 2015. When looking at new construction, 55 new homes sold this May versus 49 in May 2015 at an average sales price of $277,657 versus $255,753 last year. This May, it took on average 155 days to sell a new construction home versus 271 days last May!
Click here for more results from the Alabama Center for Real Estate.
Single Family Home Snapshot (April-June 30, 2016):
Below is a snapshot of single family home sales (both existing and new construction) in Gulf Shores/Fort Morgan, Orange Beach and Foley from April 1 through June 30, 2016:
Gulf Shores/Fort Morgan
| Price Range | # of Units Sold | Medium Price | Sale Price as % of List Price | Price per Sqft | Days on Market |
| Less than $200K | 10 | $150,000 | 94% | $106 | 152 |
| $201-300K | 14 | $246,500 | 96.7% | $143 | 119.5 |
| $301-400K | 17 | $350,000 | 97% | $196 | 222 |
| $401-500K | 7 | $440,000 | 95.6% | $197 | 121 |
| $501-600K | 3 | $507,500 | 95% | $259 | 260 |
| $601-700K | 3 | $615,000 | 88% | $312 | 113 |
| $1M + | 2 | $1,125,000 | 89.6% | $445 | 85.5 |
Orange Beach
| Price Range | # of Units Sold | Medium Price | Sale Price as % of List Price | Price per Sqft | Days on Market |
| Less than $200K | 8 | $157,000 | 94% | $100 | 145 |
| $201-300K | 10 | $255,000 | 97% | $137 | 51 |
| $301-400K | 10 | $339,500 | 96% | $140. 50 | 121 |
| $401-500K | 6 | $449,750 | 94. 7 | $158 | 81 |
| $501-600K | 3 | $525,000 | 91. 8% | $147 | 143 |
| $601-700K | 6 | $656,000 | 97. 7% | $203. 50 | 87 |
| $701-800K | 5 | $706,000 | 94% | $194 | 276 |
| $801-900K | 1 | $875,000 | 97% | $207 | 110 |
| $901-1M | 2 | $959,500 | 97% | $199. 50 | 58 |
| $1-1.5M | 4 | $1,187,500 | 97% | $280. 50 | 47 |
| $1.5M+ | 1 | $2,485,000 | 84% | $362 | 1180 |
Foley
| Price Range | # of Units Sold | Medium Price | Sale Price as % of List Price | Price per Sqft | Days on Market |
| Less than $100K | 11 | $85,000 | 95% | $68 | 121 |
| $101-200K | 129 | $158,500 | 98% | $94 | 107 |
| $201-300K | 62 | $229,600 | 98% | $97. 50 | 140 |
| $301-400K | 16 | $326,000 | 98.5% | $117.50 | 180 |
| $401-500K | 5 | $425,000 | 94.5% | $145 | 167 |
| $501-600K | 1 | $535,000 | 95. 85 | $160 | 429 |
| $701K+ | 1 | $775,000 | 98% | $183 | 50 |
The real estate market in southern Baldwin County remains strong. Whether you wish to purchase or sell a property, this is a good time to consider jumping in. I would be happy to provide added insight into the market and help you develop a strategy to meet your real estate goals. Don't hesitate to contact me directly at (251) 942-3141 if I can help you in any way!
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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.
Be sure to follow Christine online at ChristineSlaughter.com, on Twitter@ChristinesCoast or Facebook at ChristineSlaughterRealtor.
