Alabama’s Gulf Coast contains several real estate markets depending on location and price point – just to name a few factors. Even prior to the effects of COVID-19, different local markets experienced different demand and pricing fluctuations.
The graphic below shows real estate statistics for May 2020, the latest month available, showing 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. For updated information for your specific neighborhood, contact your Bellator agent today.