Coastal Alabama Condo Sales Making Headlines – Detailed Article
The Baldwin County, AL condo market has come a long way since the bottom fell out in 2008, where the condo listing inventory totaled over 37 months of supply. The sales stats for September 2013, provided by the Alabama Center for Real Estate in conjunction with the Baldwin County Association of Realtors, showed that supply has dwindled down to 8.3 months. This represents a decrease of over 23% from the previous year.
The decrease in inventory levels have sparked a significant increase in condo prices along the Alabama Gulf Coast. The median selling price in September for a Baldwin County condo was $311,500, which represents a 58.8% increase from September 2012. Are you still thinking you have plenty of time to get a good deal on a beach condo, well think again, as prices from August to September 2013 jumped 24.8%.
The sales stats below represent Orange Beach condos sales dating back to April 1, 2013. The high numbers represent the robust sales taking place at one of the most luxurious condominium developments on Pleasure Island, Turquoise Place Resort. Over 500 broker listed condos have sold in the last 6 months, with an average sold price per square foot of $262.77. The average days on market remains high, at 188 days, yet condos are selling for over 95% of their asking price.
| Statistics (502 listings) |
|||||
| Low | High | Average | Median | Total | |
| List Price | $69,900 | $1,935,000 | $433,047 | $354,000 | $217,389,369 |
| Selling Price | $67,500 | $1,935,000 | $417,800 | $336,000 | $209,735,628 |
| Sold/List(%) | 77.22% | 155.22% | 95.76% | 96.27% | — |
| Price/SqFt ($) | $86.67 | $2,785.71 | $262.77 | $254.00 | — |
| Days on Market | -9 | 2104 | 188 | 102 | — |
The sales stats below represent Gulf Shores condo sales dating back to April 1, 2013. The Gulf Shores condo market has been slightly less active, with 320 total units sold. The highest sales occurred at Oceania, Lagoon Tower and Island Tower condo developments. The low sales stats are taken from small inland units, some of which are over 4 miles from the beach. The average sold price per square foot is considerably less than that of Orange Beach at $182.00.
| Statistics (320 listings) |
|||||
| Low | High | Average | Median | Total | |
| List Price | $54,900 | $1,100,000 | $224,134 | $192,400 | $71,722,830 |
| Selling Price | $50,500 | $900,000 | $211,998 | $179,950 | $67,839,401 |
| Sold/List(%) | 74.36% | 111.94% | 94.47% | 94.95% | — |
| Price/SqFt ($) | $39.42 | $395.24 | $182.00 | $175.50 | — |
| Days on Market | 1 | 1234 | 170 | 102 | — |
For more information on Gulf Coast condo sales or to schedule a private tour of your favorite listings, contact the office of Jason Will with Keller Williams Realty Gulf Coast in Orange Beach, AL at 251-866-6464.