Coastal Market Update August 2024
The Andrews Team Updates are sent out monthly to provide readers with an in-depth look at residential real estate activity in South Baldwin County, Alabama, and Florida’s Perdido Key. These updates are broken down to show the differences between condos and residential detached properties, direct Gulf front and backwater properties, and non-waterfront properties. Additionally, they compare actual sales statistics with properties listed for sale.
Comparing these updates over time is an excellent way to understand the direction in which the residential market is trending. For example, when mortgage interest rates began to rise in mid-2021, sales volume started to slow down, and the inventory of for-sale properties began to increase. Interestingly, median selling prices and median selling price per square foot have so far held steady.
In a future blog, we will explore other factors that can affect our real estate market, such as the stock market, construction costs, local government policies, and weather issues.
Stay tuned.
| CONDOS Gulf Front | Sold | For Sale | |
|---|---|---|---|
| Number of Sales | 48 | Number of Listings | 461 |
| Median Selling Price | $732,500 | Median List Price | $725,000 |
| Median Sales Price per Sq. Ft | $588 | Median List Price per Sq. Ft. | $614 |
| CONDOS Waterfront Other | Sold | For Sale | |
|---|---|---|---|
| Number of Sales | 25 | Number of Listings | 354 |
| Median Selling Price | $422,000 | Median List Price | $495,000 |
| Median Sales Price per Sq. Ft | $400 | Median List Price per Sq. Ft. | $490 |
| CONDOS Non-Waterfront | Sold | For Sale | |
|---|---|---|---|
| Number of Sales | 13 | Number of Listings | 206 |
| Median Selling Price | $305,000 | Median List Price | $339,900 |
| Median Sales Price per Sq. Ft | $286 | Median List Price per Sq. Ft. | $407 |
| HOMES Gulf Front | Sold | For Sale | |
|---|---|---|---|
| Number of Sales | 3 | Number of Listings | 37 |
| Median Selling Price | $2,999,900 | Median List Price | $2,504,000 |
| Median Sales Price per Sq. Ft | $881 | Median List Price per Sq. Ft. | $856 |
| HOMES Waterfront Other | Sold | For Sale | |
|---|---|---|---|
| Number of Sales | 19 | Number of Listings | 138 |
| Median Selling Price | $1,000,000 | Median List Price | $1,200,000 |
| Median Sales Price per Sq. Ft | $463 | Median List Price per Sq. Ft. | $543 |
| HOMES Non-Waterfront | Sold | For Sale | |
|---|---|---|---|
| Number of Sales | 57 | Number of Listings | 381 |
| Median Selling Price | $590,000 | Median List Price | $689,000 |
| Median Sales Price per Sq. Ft | $276 | Median List Price per Sq. Ft. | $337 |
If you are thinking about buying a house or condo, THINGS HAVE CHANGED!
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Discover your dream home on the Alabama Gulf Coast—partner with The Andrews Team for unmatched expertise and exceptional results. Start your journey today!