Gulf Coast Condo Sales do Not Hit Analyst Predictions in March
In a new housing sales report released by Baldwin County Association of Realtors Multiple Listing Service, condo sales in March of this year held steady at 122 sales. Despite sales holding steady from the previous month, some analysts were disappointed that sales volume did not tick upward. The sales numbers missed the Alabama Council on Real Estate‘s projections by 12 units, or 9%. Inventory remains relatively low meaning that there are fewer homes for sale in Orange Beach and Gulf Shores.
Don’t despair though! Many agencies are reporting a large bounce in the month of April. The National Association of Realtors is predicting that the following 4 factors will drive up sales in April and beyond:
1. Low mortgage rates: Mortgage rates have moved lower this month and are hovering near the lowest averages in the past three years. Lower mortgage rates help boost home buyers’ purchasing power as well as buyers’ ability to qualify for a mortgage.
2. More urgency: Many buyers were frustrated last year with their inability to buy. This spring, they’re heading to the housing market more determined. Mortgage applications for home purchases are up 20 percent compared to last year.
3. More searching: Realtor.com® reports a record number of people searching and looking at its website for homes. Nevertheless, there are 2 percent fewer homes for sale that they’ll find when compared to last year.
4. Faster sales: The time that listings spend on the market has dropped dramatically. Nationwide, the median days on the market dropped 14 days in the first two weeks of April compared to the first two weeks of March.
To find that perfect slice of the Gulf Coast, you are going to need an experienced real estate agent who keeps her ear to the ground. Contact me today to learn more about Orange Beach and Gulf Shores homes for sale. I have a gorgeous house for sale in Craft Farms that you just have to see!