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Understanding Gulf Coast real estate market data
As REALTORS®, we aim to provide you with answers. That's the purpose of this blog: to help answer your real estate questions. What would an average listing price be for a home in your area? How long does it typically take for a home to sell? How much should you offer for that house? We want to provide you with the data you need to make informed decisions in the clearest, simplest way possible.
It's why we publish Alabama Gulf Coast real estate statistics monthly for you, and why we want to make sure you understand what it means. November 2021's market data shows 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.
In this case, the rate is determined by dividing the number of units currently on the market by the number sold in the past month. However, absorption rates help establish trends by using data for three months, six months, or a year or more. They can also be applied to specific neighborhoods, cities and price ranges. This data informs how REALTORS® answer questions like how long a property will stay on the market. As you can tell by the majority of red in the article's chart, the Gulf Coast is still in the midst of one of the strongest seller's markets ever experienced in our area, meaning a newly listed home home would likely sell quickly.
You may also see mention of other additional useful information. As its name suggests, average number of days on the market is a great resource when determining how long you should expect your home to be listed. The median sales price and average sales prices can also help you determine the strength of the market. The average sales price is the total sales price of all homes listed in a certain time frame divided by the number of homes. Note that if several homes sold for higher than normal in the area, it will skew higher, and the inverse is also true. Median sales price is the price that falls in the middle of the list of sales prices over a certain period of time. Both are useful when determining the price you should pay or ask for a property.
You need a REALTOR® with the experience to guide you through what these numbers mean in practical terms for current market conditions, allowing you to buy or sell confidently.
