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October 2024 Alabama Gulf Coast Real Estate Stats
Vital Signs provides a visual representation of what's happening in the Alabama Gulf Coast real estate market. The color-coded numbers represent the absorption rate, the number of months it would take to sell every home on the market in a particular price range if no others were added. If the market is moving quickly, the absorption rate will fall below six months of supply, and if it's more of a buyer's market, it will jump above six months of supply. The rate is determined by dividing the number of units currently on the market by the number sold in the past month.
Baldwin County evened out slightly in October 2024. The coastal condo market from $300K+ continues to be the strongest buyer's market in the county with plenty of inventory and minimal sales. The Eastern Shore is almost entirely a seller's market. After October, there looks to be less than 6 month's supply in each price point throughout Daphne, Fairhope, and Spanish Fort.
The average single-family home price decreased while the total number of sales increased in Mobile County in October 2024 compared to the previous month. This has created a few more seller's market pockets throughout the county, depending on the price range. However, overall, the county still has plenty of inventory to go around, maintaining its buyer's market trend over the past few months.
Both counties continue to provide balanced markets depending on price range and specific city or area in the county.
For updated information for your specific neighborhood, as some are still experiencing low supply in certain price points, contact your Bellator agent today.
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