Welcome to your monthly update for Condo Sales in Orange Beach and Gulf Shores for January 2018! You’ll find up to date real estate data for the month as well as how those figures compare to years past.
Here’s what you’ll find covered below:
- Total Sales for the Month
- Annual Sales Trends
- Median Sales Price
- Total Condos Listed
- Average Sales Price
- Average Days on the Market
Total Condo Sales in January
We did see an decrease of 16.5% in total condo sales last month compared to a this time a year ago, however, as you can see further down, the annual trend is still increasing over time.
Annual Sales: Trends
Condo sales in Orange Beach and Gulf Shores has had steady growth for the past several years. For 2017 sales for the year increased by a total of 180 units which represents a 11.2% increase. Over the last 5 years, there has been an average of 22.3% growth.
Median Sales Price
To find the median sales price you look at all of the sales prices in numerical order and pick the middle figure. The median sales price for condos in Orange Beach and Gulf Shores last month was $310,000 which is a 6.9% increase over that of a year ago. This figure represents an 8% increase over the past 5 years.
Total Condos Listed
Although there is a slight increase over last January of 2.1%, condo inventory is low compared to the last several years. The 5 year average for condos that are listed on the beach has decreased by 21.1%.
Average Sales Price
The average sales price is represented by taking the sum of all prices and dividing it by the total number of units. The average sales price for January 2018 was $364,263 which is an increase of 16.5% over a year ago and a 15.5% increase over the last 5 years.
Days on the Market
Having lower Days on the Market obviously means that condos are selling quicker which is a good sign for the real estate market in Orange Beach and Gulf Shores. Last month the average was 93 days on the market compared to 146 days a year ago. This is a decrease of 36.3%. This figure is also a decrease of 41.1% over the last 5 years.
If you are buying or selling a condo in Orange Beach or Gulf Shores, I hope you found this information useful. Here are some helpful links if you would like additional information for condos that are for sale at the beach:
Please contact me for more information about buying or selling condos at the beach!
IXL Real Estate – Eastern Shore