March 2013 {Alabama Gulf Coast | Real Estate Market Report}

by kddoggett on April 15, 2013

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March 2013 continues to show the strength of the Alabama Gulf Coast Real Estate market!  Improvements across the board can be noted in Condos, Single Family Coastal Homes and Foley Single Family Homes as well.  Numbers increased and decreased dramatically from the prior month in all the right places.

The condo market witnessed nearly double the amount of sales from last month which was also a 20% increase from the number of condos sold this time in 2012.  The inventory stayed steady with nearly the exact same amount of available units on the market.  If sales continue to soar with inventory remaining steady, we’re sure to see prices on the rise.

The Coastal Single Family market had another increase in the number of homes sold this month.  While last month’s number was the highest we had seen in 9 months, this months increase was the largest number sold in this category in a year and a half!

Distressed numbers continued to fall in all categories (Gulf Shores/Orange Beach/ Perdido Key/ Fort Morgan Single Family Homes had almost a 50% decrease in distressed sales while the Foley market’s distressed sold number dropped from 55 to 34%) another good indication of a strengthening real estate market.

February 2013 Condo Market Stats March 2013 Condo Market Stats
1146 Condos active on the market in February Not much change from February with 1149 Active condos on the market currently.
 6% of active listings are distressed again this month Distressed actives down to 4% this month
178 units are under contract or pending sale 190 Condos are marked Under Contract or pending sale, just up from last month’s number at this time.
26% of Under Contract units are distressed  25% of Under Contract listings are considered distressed, a slight decrease from February
Avg Sold price remains steady at $276,466 The Avg sold price is slightly down to $269,419 even with 5 Turquoise Place condos sold in March.
73 Condos sold in February 2013 The number of condos sold in March nearly doubles that of February with 137 marked sold.
61 of the 73 units sold were under $400k The majority of condos sold were under the $400k mark with only 27 of them being over that price.
19% of sold units were distressed 14% of the 137 units sold in March were distressed sales.
Units sold at 95% of their final list price this month Hanging steady again this month, units sold at an average of 95% of their original list prices.
February 2013 Single Family Homes March 2013 Single Family Homes
513 active homes for sale in February 528 active single family homes for sale in March.
3% of active listings were distressed Once again, 3% of these active listings are distressed.
73 homes are currently pending or under contract 78 homes are marked under contract or pending to date.
.Again 39% of the homes that are under contract are considered distressed (Short Sale or Foreclosure) Way down this month, the under contract distressed homes only make up 22% of the total (nearly 1/2 of last months percentage).
Average sold price: $ 255,285 Average sold price up: $306,690
Average days on the market: 244 Average DOM down: 202
40 homes sold in February 2013! (The highest number of Home sales in 9 months). Up again, 47 homes sold in March 2013, The highest number in a year and a half!
25% of the sales were distressed. 23% of sales were distressed in march down from Feb.
Foley Homes: February 2013
Foley Homes: March 2013
51 homes sold in the Foley Market in February 61 homes sold in the Foley Market in March
Lower yet in Feb, the average sold price is $122,146. Average sold price is up to $130k in March, climbing slightly
55% of homes sold were distressed 34% of sold homes were distressed, a large decrease from the previous month!
Average days on the market: 171 Days on the market also down to 149 this month.

The Alabama Gulf Coast Real Estate Market is coming on strong in 2013.  Sell while the selling is hot, buy before the prices climb any more!

If you have any questions regarding our real estate market, trends, or any other real estate need please don’t hesitate to contact me!

~Kristy

251-747-2146

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