Data for this article provided by the Alabama Center for Real Estate via AL.com
The Alabama Center for Real Estate declared in a December 28, 2013 post that: “This is the most balanced market during the month of November since we began collecting data in 2008 which is terrific news for gulf coast real estate.” Sales are up over 18% from November 2012 and with inventory levels inching downward month over month, 2014 is looking like it will be another banner year at the beach!
Here is an overview on the condo supply in Baldwin County and how far our condo market has come since the peak is great news for the South Baldwin real estate market. In November of 2013, there were 929 total condo units available for sale. This represented just over an 11% decrease from the prior year. The big news is that inventory levels are down 56.5% from the peak in 2008, when there were just over 2100 units available for sale, which represented over 54 months of supply!
So what does the boost in demand mean for condo pricing on the Alabama Gulf Coast? According to ACRE data, the median sales price for a condo in Baldwin County was $299,500. This represents a nearly 9% increase from November of last year, yet if you compare the data to 2010 the numbers will shock you. The current median condo price has risen over 99% from November of 2010, when the median condo sales prices stood at $150,000.
For a more tangible comparison I will ask you to read on for a moment as we explore luxurious Bella Luna on Ole River in Orange Beach, where the Jason Will Real Estate team just so happens to have a 3 bedroom condo available for sale on the 5th floor for $560,000. In 2010, a bank-owned 3 bedroom unit on the 3rd floor sold for $375,000 cash. Fast forward to present day and the least expensive 3 bedroom unit actively listed for sale is located on the 1st floor for $550,000, which makes our Bella Luna listing a much more attractive buy with a better view of Ono Island and our back bays.
For more information on Gulf Coast condo sales or to schedule a private tour of one of our listings, please call the office of Jason Will Real Estate at 251-866-6464 and be sure to check out our beautiful walking tour video of Unit 504 and the amazing resort amenities that await at Bella Luna below.