Considering a condo purchase on the Gulf Coast? One question I am asked frequently is "How much will this condo earn in rental income?". It's a great question and may be very important to your
Third Quarter Coastal Sales Report 2017
Dated: December 6 2017
Sales along the Alabama Gulf Coast continue to rise and with the third quarter sales reports out, we are seeing good news for sellers and investors. This includes: Fort Morgan, Gulf Shores, Orange Beach and Perdido Key.
At the beginning of November, the total number of units available for purchase were around 583. This is down from last November with 761 units on the market. Demand is outweighing supply with units coming on the market at a slower speed than just two years ago. Compared to 2015, there are approximately 400 fewer units on the market.
During the month of October alone, over 110 units were sold. Making the average condo unit sales up from 2016 by a whopping 18 percent. As with the demand, prices have also increased. Placing sales prices at some of the highest seen in years, nearly a 20 percent increase. With the average sales price of $386,381. The medium price was also up by 16 percent holding at $330,000.
The average square ft. price for condo units has increased from $250 in 2017 to $275, a 10 percent increase, making this the ideal time to put your unit on the market if you’ve been on the fence for the last few years. December is proving to be an excellent time to list your condo.
We’ll be more than happy to assist you with any questions you have about doing so. Give us a call today for more information
For the single family homes, inventory is great. Up from 450 homes in 2016 to 486 this year, there’s no better time for buyers or investors to come on down and take a look. During the summer months, single family homes were selling fast. Things have slowed down a bit for the fall season, but with that in mind, more homes have sold in the month of October of 2017 than this October. Making the holiday season a prime time to put your home on the market or to make an offer on one listed.
Comparing 2017 with 2016, single family home sales have increased nearly 15 percent from 610 homes sold from January - October of 2016 to 704 sold from January - October 2017. That’s great news for sellers!
Buyers aren’t necessarily seeing a vast increase on single family home sales like condo buyers are. Single family homes sale prices have only increased by a small 2.5 percent. This creates the perfect time for both sellers and buyers.
Average sales prices for single family homes this year are holding at $385,089, an increase of $9,399 from last year’s average sales price of $375,690. However, the average price per square ft. were up by $20 per square ft. From $163 per square ft. in 2016 to $183 per square ft this year, a 12 percent increase. Not bad for home sellers and still good news for home buyers.
With condo unit prices increasing significantly, considering a second or vacation home in one of the many pristine golf communities could be an ideal investment.
LIke always, we are here to help you navigate through the selling or purchasing process with our excellent service and expert knowledge. Give us a call, text or email today for more information.
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