2024 SOUTH BALDWIN MID YEAR MARKET UPDATE

July is here and the weather is HOT!! The beaches and restaurants are full and we are all enjoying life with out the Toll Gate to Orange Beach. Yes the traffic can still get backed up, but rejoice in the Saving$.

It's time to take a look at the last 6 months in the local real estate market and see what has changed and what has stayed the same. Looking at Median Home Price sold over the last 6 months, most regions are seeing a slight increase. That does not hold true for Gulf Shores. Single Family homes dropped 2.64% and Condos drop 2.38%. Nothing earth shattering but notable.

On a Price Per Sq Ft basis 3 areas saw a dip, Orange Beach SFH -2%, Gulf Shores condo -2% and Elberta/Lillian 12.7%, while the other were flat to small gains. The big increase for the first half of 2024 was Daphne/Spanish Fort with increase of 7%.

The big news is the slow down in transactions. Inventory is up and number of transactions is down. There are many reasons for this and I cover those in this months blog. Most ares in our market saw drastic decrease in units sold with the biggest being Gulf Shores and Orange Beach Condo markets at -23% and -22% respectively. Running closely behind them is Orange Beach SFH at -19% and Foley at -15%. As expected the rise in inventory correlates.

What does this mean for you.?

If you are thinking of buying your choices are up and you don't have to feel pressured to jump on the first unit you kind of like. Maybe.

If you are thinking of selling, the good news is that prices are mostly steady, you'll just have to be a little patient.

And for both, it's vitally important to work with the right agent that keeps up with the market and can help you navigate.