Welcome to the AL Gulf Coast Real Estate Market Update, where we provide you with the latest insights and forecasts to help you navigate the Gulf Coast housing market. Our team at Lake & Coast Real Estate Co. is dedicated to collecting valuable information to benefit our clients. If you’re looking to buy or sell on Alabama’s coast, begin your journey with us

Current Market Overview The Alabama Gulf Coast condo market remains a buyer’s market through Q2 2024. The absorption rate, reflecting how quickly properties sell, has increased from an average of 6 months in 2023 to 12 months in the first half of 2024. Although condos sold in Q2 2024 within an average of 87 days, the overall average days on the market for all listings rose to 130 days. With 658 active listings and only 226 sold in Q2, inventory levels are expected to remain high, leading to more negotiable prices.

2024 Q1 & Q2 Waterfront Condo Market Insights

• • Listing Prices: Average listing prices for sold waterfront condos dropped to $736,779 in Q1 2024 from $843,661 in Q4 2023. However, prices increased to $811,002 in Q2.
  • Sales Performance: Q1 2024 saw 171 condo sales, increasing to 226 in Q2. Despite the rise in listing prices, the average sale price decreased to $708,085 in Q2.
  • Inventory: The market started with 335 listings in early 2024, growing to 658 by the end of Q2.
  • Market Activity: The average time on market extended from 82 days in Q1 to 87 days in Q2.

Factors Influencing Sales Economic forecasts, interest rates, inflation, and the upcoming election are impacting buyer decisions. Despite high inventory, sales continue at a slower pace compared to 2023.

2024 Fall Market Forecast Expect condo prices to level off by the end of 2024, with sales prices lagging behind listing prices. Reduced rental activity is influencing buyer decisions, leading to higher inventory and greater negotiation power for buyers. Sellers must be more flexible to move their properties quickly.

Selling or buying a Condo? Partner with Lake & Coast Real Estate Co. for unmatched expertise in the waterfront condo market. Our knowledge and marketing acumen stand ready to guide you through the sale process with confidence. Start your search or sale with Lake & Coast, the waterfront property experts.

Contact Lake & Coast Real Estate Co. for more information on the latest market trends and to explore your options in the Alabama Gulf Coast condo market.