Orange Beach Waterfront Condo – Q4 2023 Market Update

By Trent A Taylor of Lake & Coast Real Estate Co.
October 11, 2023

As autumn begins, the waterfront condo market in Orange Beach, Alabama appears to once again be shifting to a buyer’s market, if certain trends continue in the current direction. 

Orange Beach is one of the most sought-after Gulf Coast communities for both permanent residency and vacation homes, and it remains one of the hottest markets among the waterfront markets in our wheelhouse. In fact, it’s such an important market for Lake and Coast Real Estate Co. that we recently opened a new office in The Wharf to better serve our customers on the coast. As we move into the final fiscal quarter of the year, let’s take a look at the inventory and financials that emerged in the summer and early fall.

In our waterfront market analysis earlier this year, we anticipated an upcoming buyer’s market in Orange Beach condos based on the statistics at the time, and it appears that our forecast was right on target. But just because the tide is inevitably changing doesn’t mean the overall market growth we’ve seen over the last few years on Alabama’s coveted white sand coastline is on a decline.

The average of 63 days on the market for sold waterfront condos has dropped by three days on average from the last quarter, but that figure is still up 53 percent from the same time last year. Similarly, the current average list price ($918,105) is up more than $100,000 from the previous quarter, while the average sales price ($891,477) is up 10 percent from the same time last year. 

In Quarter 3 of this year, 131 units were sold, which is down 28 percent from last year. The number of sold units are down from the second quarter as well, which combined with the steady increase in new listings is driving up inventory in the market. Inventory also increased by more than a three-month supply from the second quarter of this year, putting us at a 9.5-month supply of waterfront condos. 

If the supply continues to increase at this rate, we may be moving into more of a buyers market at the beginning of 2024, which should be welcome news for anyone looking to acquire their dream waterfront property in sunny Orange Beach. And with the average days on the market still low for sold condos, those who are priced appropriately and properties that present well to potential buyers will have the best odds of selling quickly. 

What your agent does and knows to effectively market and showcase your property can make a major difference as well. That’s why at Lake & Coast, we are all about marketing waterfront properties properly. Contact us today to find out what we can do to help get your property sold for top dollar in the fastest time, or if you’re looking to get into the market at this opportune time.

Also be sure to visit us online at lakeandcoast.com.

Whether you’re in the market to buy or sell waterfront property, Lake & Coast Real Estate Co. is here to help “Find Your Latitude.” We invite you to contact our agents today!