Property owners on Alabama’s Gulf Coast have made an investment in their economic futures and in our community. With the effects of COVID-19 being felt globally, many are asking how virus uncertainties are affecting the local real estate market.
The truth is Alabama’s Gulf Coast contains several real estate markets depending on location and price point just to name a few factors. So even during normal circumstances, different local markets are experiencing different demand and pricing fluctuations.
The graphic below shows real estate statistics for March 2020, the latest month available, that can begin to show how COVID-19 is impacting the Alabama Gulf Coast’s real estate market.
Vital Signs provides a visual representation of what’s happening in several local markets by showing you supply. The colored-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. This month, the most local real estate markets are still leaning sellers with a limited supply of homes.
For updated information for your specific neighborhood, contact your Bellator agent today.