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2015 Real Estate Market Review
Dated: January 28 2016
According to the findings of Baldwin County Association of Realtors, home and condo sales along the Alabama Gulf have steadily risen for 2015. With the predictions for 2015 last January, the market’s upswing seem to be doing slightly better. In November alone, sales prices for condos rose 1.3 percent. Sales increased 40 percent, above the Alabama Center for Real Estate’s (ACRE) forecast for that month. The demand for condos continues to increase and shows promise for 2016.
Predictions for the 2015 housing market for Baldwin County, AL, according to the study by Housing Predictor, included a 3 percent rise. Making the prediction a modest one. Baldwin County is one of the six counties in Alabama responsible for three-quarters of increase throughout the region.
Baldwin County condo sales totaled 120 units for December, an increase compared to the amount of condo sales in December 2014 at 98 units. This number is is close to the peak year in December of 2013 at 159 unit sales. The average number of days a unit was on the market also decreased from the average in 2014.
Total number of condos sold in 2015 for Baldwin County was 1,559, a 10.7 percent increase from 2014. The amount of inventory available for sale in 2015 also decreased from the amount in 2014.
According to Alabama Real Estate Market Trends, new home listings increased while older home listings decreased. However the sale of used homes has improved. There is also a steady drop of days on the market.New construction for homes under the $400,000 range seems to be picking up. Average sales for all homes have seen slow but steady improvement. Average days on the market for new homes is around 177 while average days on the market for used homes is around 149. An impressive rate compared to 2008’s 25 months on the market.
The statistics and data all point to a much brighter picture than reported at the beginning of 2015. A once “weak housing market” for Alabama now seems to be gaining strength. Baldwin County boasts some of the most expensive homes for sale in Alabama, with two of the most expensive in the state up for grabs. Fairhope’s Mobile Bay estate, the gated Murray House, touts an impressive price tag of $8.9 million. The 6,100 square-foot main home contains three bedrooms and four bathrooms, the Bay House has seven bedrooms and five bathrooms, and the guest cottage, at 2,450 square feet, has four bedrooms and three bathrooms. Rattlesnake Ridge in Gulf Shores is a premier property on the area’s highest points. With an 8,000 square foot main home, a 3,000 square second home and a guest home surrounded by 250 acres, this property is yours for the taking at $15 million.
The sale of either one of these featured homes would completely destroy the notion that Alabama’s market is weak. If you are looking to own one of these gorgeous and extremely unique pieces of property, give me a call today. I will be happy to show you either one. If you are wanting to list your property but have been waiting for a better time than previous years, the markets are showing steady improvement now. Why wait for later?
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