Realty Executives Gulf Coast
Condominium sales along the Alabama Gulf Coast have steadily risen over the last year from 1124 to 1190 sold units. September’s sales resulted in 118 units sold, certainly a new direction from several years ago. Compared with only twelve months ago, sales have jumped up 20% from 993 sold units to 1,190 as of September with another 197 units pending.
Average sale prices have also increased from $300,730 to $313,202 which shows a slight 4% increase from 2014. Average price per square foot rose from $218 to $236 with a 10% increase in median price from $250,000 to $275,000. (This excludes Phoenix West II.)
What’s not increasing is the supply. The overall inventory decreased by 2.4% leaving those looking for a condo scratching their head and possibly plunging into one that didn’t exactly fit their dreams. A dip in inventory following the month of August each year seems to be consistent with past condo data provided by the Alabama Center for Real Estate. The peak year for condos on the market was 2010 with 1,594 units which creates a 35.3% inventory decrease for our present day sales. What makes this interesting is the the demand is by far overwhelming what’s available. This is inconsistent with past records.
With the contrasting historical seasonal buying trends, condo sales have steadily increased instead of decreasing for the month of September. Prices also are staying steady or slightly increasing in some marketing areas.
According to Condo Owner, Bargain hunting for condos is becoming harder and harder as inventory shrinks and closings become a daily event. Foreclosures, once dramatically impacting coastal sales, are becoming a thing of the past which in retrospect is music to the ears of owners and investors.
Real Estate continues to provide a solid financial investment. Investors hanging on to a property for a couple of years can receive much higher returns than most other investments. If you own a condo and have considered putting it on the market, now is definitely the time to do so. WIth sale prices on the upswing and buyer demands rising with inventory shrinking, this could be an excellent opportunity to cash in. With new construction on the horizon with sparkling new units becoming available, selling could be a wise move.
Call us today and we will be happy to sit down with you. We’ll provide the most up-to-date information to help you make a sound financial decision about your property. We’ll also guide you through each process with one of our many professional real estate agents.
Realty Executives agents are real estate experts. They have the education and expertise you need to navigate through the process of buying or selling a home. From listing at the right price to making the best offer, our Executives have witnessed the best - and most regrettable - decisions homeowners and homebuyers can make. Every day, they are immersed in every aspect of real estate that includes comparable home price analysis, property surveys, credit reports, open houses, HOA agreements, lenders, title companies, homeowners’ insurance, walk-throughs, terms of sale or purchase, repairs, concessions and closing documents. Let our accomplished Executives help navigate you through the process of buying or selling a home.
