Coastal Market Update September 2024
With many financial forecasts predicting lower interest rates in the near future, house hunters are often tempted to delay purchasing a new home in hopes of securing a more favorable interest rate on their mortgage by waiting.
There is an old adage in real estate: “Marry the house, date the rate.” In other words, if you are in the market for a new home for whatever reason and find the home that is perfect for you, buy it - don’t wait. You can always refinance if mortgage rates become more favorable.
While rates may indeed drop soon, other factors may occur that are not in your favor:
If you find yourself in this situation, the Andrews Team will be happy to consult with you about your best course of action.
For properties located in Perdido Key, Orange Beach, Gulf Shores, & Fort Morgan.
|
CONDOS Gulf Front |
SOLD |
FOR SALE |
||
|
Number of Sales |
23 |
Number of Listings |
483 |
|
|
Median Selling Price |
$800,000 |
Median List Price |
$719,000 |
|
|
Median Sales Price per Sq. Ft. |
$560 |
Median List Price per Sq. Ft. |
$611 |
|
|
CONDOS Waterfront Other |
SOLD |
FOR SALE |
||
|
Number of Sales |
22 |
Number of Listings |
353 |
|
|
Median Selling Price |
$425,000 |
Median List Price |
$480,000 |
|
|
Median Sales Price per Sq. Ft. |
$450 |
Median List Price per Sq. Ft. |
$492 |
|
|
CONDOS Non-Waterfront |
SOLD |
FOR SALE |
||
|
Number of Sales |
16 |
Number of Listings |
202 |
|
|
Median Selling Price |
$289,450 |
Median List Price |
$340,700 |
|
|
Median Sales Price per Sq. Ft. |
$246 |
Median List Price per Sq. Ft. |
$398 |
|
|
HOMES Gulf Front |
SOLD |
FOR SALE |
||
|
Number of Sales |
0 |
Number of Listings |
33 |
|
|
Median Selling Price |
$0 |
Median List Price |
$2,300,000 |
|
|
Median Sales Price per Sq. Ft. |
$0 |
Median List Price per Sq. Ft. |
$802 |
|
|
HOMES Waterfront Other |
SOLD |
FOR SALE |
||
|
Number of Sales |
12 |
Number of Listings |
143 |
|
|
Median Selling Price |
$862,500 |
Median List Price |
$1,190,000 |
|
|
Median Sales Price per Sq. Ft. |
$397 |
Median List Price per Sq. Ft. |
$538 |
|
|
HOMES Non-Waterfront |
SOLD |
FOR SALE |
||
|
Number of Sales |
43 |
Number of Listings |
401 |
|
|
Median Selling Price |
$550,000 |
Median List Price |
$699,000 |
|
|
Median Sales Price per Sq. Ft. |
$257 |
Median List Price per Sq. Ft. |
$344 |
|
This data is taken from the Baldwin County Association of Realtors MLS System.
If you are thinking about buying a house or condo, THINGS HAVE CHANGED!
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Who sets the rate and what factors affect it?
Should you buy now or wait for interest rates to drop?
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These updates compare sales statistics with properties listed for sale.
Discover your dream home on the Alabama Gulf Coast—partner with The Andrews Team for unmatched expertise and exceptional results. Start your journey today!