June 2016 YTD Numbers

June 2016 YTD Market Update

(613 listings)
  Low High Average Median Total
List Price $24,000 $2,160,000 $329,380 $308,000 $201,909,772
Selling Price $20,000 $2,000,000 $315,690 $294,000 $193,517,764
Sold/List(%) 78.57% 110.49% 95.79% 96.18% --
Price/SqFt ($) $61.01 $570.78 $259.00 $272.11 --
Days on Market -2 2855 168 110 --

For a complete list of sales in OB/GS YTD click here. This link will expire in 14 days. 

For comparison here are the numbers from LAST YEAR at this time:

(642 listings)
  Low High Average Median Total
List Price $62,900 $1,400,000 $338,922 $309,450 $217,587,996
Selling Price $50,500 $1,400,000 $323,948 $295,000 $207,974,339
Sold/List(%) 56.36% 106.11% 95.45% 96.01% --
Price/SqFt ($) $60.05 $438.94 $246.87 $256.50 --
Days on Market 1 3034 178 104 --

As you can see our average price in 2016 is down slightly, as are total number of sales. We attribute this to the number of pre-construction units that have entered the market during the 2nd half of 2015 and this first 1/2 of 2016. Keep in mind that 30 units at Abaco in Gulf Shores have contracts on them, but haven't been added to our MLS. They won't be in the closed file for at least 2 years. Phoenix Gulf Shores has 75 listings in our MLS that will close some time in 2017, and Phoenix Orange Beach has contracts on 85 of their 112 units. The average price of these units is between 565k and 775k. These numbers come to somewhere in the neighborhood of 128 MILLION dollars of pre-construction that has people's money tied up. No wonder we have 30 less condo sales in 2016 over last year!

If you would like specific numbers on homes or condos in your neighborhood or community, please contact Emily or Chad. We are happy to customize these numbers just for you!

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