Realty Executives Gulf Coast
According to the Alabama Center for Real Estate, demand for condominiums along the coast in Baldwin County is growing. The Phoenix Orange Beach, the Phoenix Gulf Shores, and Abaco in Gulf Shores are only a few of the new buildings under construction this spring.
With condos selling like they are, inventory is down which has caused prices to rise along the coast. The Baldwin County Association of Realtors reported approximately 216 condos sold in March which is an increase of 122 sold the previous year in March 2016. That’s 12 units shy of doubling the amount sold in February of this year which ended up at 114.
Not only is inventory down but the number of days condos are staying on the market is also decreasing. In 2016, an average time span for condos on the market was about 178. In the first quarter of 2017, the average number of days for condos to stay on the market is 137. Sales are taking a month less on the average which is great news for sellers.
Prices have steadily increase with the growing national trend. Less inventory means pricing increases as demand outweighs supply. March’s median sales price was 6 percent higher than the five year average from 2012 - 2016, from $261,670 to $277,250. This is a 4.2 percent increase over the nationwide median vacation home price of $200,000.
Investment properties continue to see an increase, almost an 8 percent rise from 2015, as younger generations are choosing rent over purchasing. Inventory for Baldwin County peaked in February at 1,348. This again includes all of Baldwin County and not just coastal properties. With the new surge of construction, inventory should be at it’s best in the next 6 to 12 months opening up new room for investors and second home purchasers to gain better purchasing prices as demand and supply balance out.
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.
