Realty Executives Gulf Coast
According to the Baldwin County Realtors Association, Single Family home sales has seen one of it’s most active seasons in years. The amount of homes sold in the first half of 2017 is up twenty percent over last year. In 2016, 356 homes were sold during the first half compared to this year’s 429 homes that have sold.
The average price per home rose from 2016’s $360,550 to this year’s price of $384,480. Median prices also grew from $295,000 to $307,000. Creating the price per square ft of $171 over 2016’s $156 per square foot. That’s a ten percent increase, good news for sellers.
In May of this year, Single Family Home sales reached an all time high with 685 homes sold during that month. This is a whopping forty percent increase from the previous year’s sales. The declining inventory is somewhat responsible with a 3.9 percent months of actual supply.
Homes are staying on the market with an average of 137 days, more good news for sellers. The determining factor is price. Those homes that are priced well suited to markets are moving quickly.
A new report released by CoreLogic, Alabama, ranked Coastal Alabama as the one of the lowest hurricane risks for single family homes among coastal states. Reconstruction cost value (RCV) is correlated with the number of homes at risk. Because of this, Florida has the highest risk, followed by the southern states of Louisiana, Texas, Virginia, and Mississippi. Alabama scored high on the chart at 15 out of 19 states surveyed.
This makes Coastal Alabama even more attractive for investors, second home owners, retirees, and those seeking a beach community to raise their families in. You can read more about the results here: CoreLogic Storm Surge Analysis.
New growth in Baldwin County as well as Mobile County is having a huge impact on the housing market. Expectations are that it will continue on into next year with more on the way if the market continues to display the same patterns that’s been observed in the last couple of years.
The retirement surge has also been a contributing factor as more and more couples are making the move from high impact regions to low density coastal communities. The Alabama Gulf is a perfect blend of a small community with the ability to travel a short period of time to major cities and conveniences. All this together makes Gulf Shores, Orange Beach, Fort Morgan and Foley an attractive alternative to the Florida Panhandle.
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.
