September Market Report
Dear All,
I am finally getting the time to sit down and write the report, the market has shown no signs of slowing down which it typically does at the end of July. Infact The ProTeams best month to date was September which is historically our slowest month of the year. RE/MAX of Gulf Shores has already sold more than 100 million dollars worth of real estate this year.
Condo activity, there is a correction for the number of units sold in June, my last report said 98 units closed infact 110 units closed. July 98 condos sold, 100 U/C
August 78 condos sold avg price $359,268, 118 U/C at an avg of $328,385
September 100 condos sold avg price $302,348, 132 U/C at an avg of $331,243
We have seen the number of condos for sale fall from its high of August 07 when there were nearly 3000 units for sale, there are now approx 1700.
I feel confident in saying 2009 will have been the last of the worst years and hopefully we will start to see a gentle increase next year in some of the lower priced units especially as the number of foreclosured condos are slowing down.
The last time we saw a consistantly high number of units selling each month was back in 2005. Prices are down approx 50% which is why I think we are seeing such an increase in first time condo buyers & investors tempted by the rental yields which are up from 05.The last few years have seen a number of new attractions, malls and good restaurants opening in the area tempting more and more people to the area.
I have sold a number of units this year to first time buyers who had visited the area for the first time this year.
Single family homes have also seen an increase in activity recently.
August 30 homes sold avg $258,572, 51 U/C avg $256,681
September 38 homes sold avg $331,938, 46 U/C avg $298,803
There are currently just over 700 homes listed which has dropped from over a thousand in September 2007.
With the news that Bay Minette may be getting a new green car production line creating approx 5000 new jobs may help absorb the houses on the market and should be an added stimulus to our market in general.
Lots are still the most difficuly thing to sell and finance, currently it is cheaper to buy an existing home rather than build your own, i do have a number of lots offered for sale with owner financing available which is certainly creating a little more interest from potential buyers especially as there are plenty of hungry builders willing to do deals to get the work.
Thank you
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