Data for this article provided by the Alabama Center for Real Estate via AL.com
The Alabama Gulf Coast condo sales market has been on fire in recent years, surging back from the depths of financial recession and the disastrous BP oil spill. December sales improved over 69% from the prior year, with 159 units sold. Thats an increase of 65 units from 2012! For the year, Alabama condo sales rose nearly 15% over the prior year’s sales and December 2013 was noted as the most balanced condo market we have seen since 2008.
To give you a better idea of how far we have come, lets take a closer look at the market stats from December of 2008, when the total number of condos for sale stood at over 1,900 units. In December of 2013, that number had fallen to 928 units, a decrease of over 50%! In December of 2009, there were just over 21 months of supply, which fell to just under 6 months as of December of 2013. As supply has fallen, prices have risen dramatically. The median sales price for a condo in December stood at $395,000, an increase of over 62% from last year.
For more information on Alabama Gulf Coast condo sales, contact the office of Jason Will Real Estate at 251-866-6464 or send me an email to firstname.lastname@example.org and I will reply to you promptly!