Perdido Key/Orange Beach 2024 Mid-year Condo Market Update

As summer heats up, so do questions about our local real estate market. With all the news around stubborn interest rates, high insurance costs, and new condo laws, shouldn't we expect prices to ease a bit? Let's dive into the data and see what's really happening in Perdido Key and Orange Beach.

The information below was compiled from the MLS and includes waterfront condos in Perdido Key and Orange Beach, new and planned developments were omitted.

Perdido Key

Looking at sales volume, we see a slight downward trend over the last 18 months:

This decline isn't as severe as the drop in US existing home sales, likely because vacation properties are less sensitive to interest rates.

Now, let's examine pricing and time on market:

We're seeing a potential plateau in the average sales price per square foot and an increase in days on market. This suggests a shift towards a more balanced market.

Orange Beach

With 4-5 times the sales volume of Perdido Key, Orange Beach offers a more robust dataset:

The decline from post-pandemic highs is more pronounced here, giving us a clearer picture of market trends.

Examining pricing and days on market:

Interestingly, average sales prices have remained stable over the past few years, while days on market have increased significantly but still below pre-pandemic levels.

What This Means for You

• Sellers: It's time to fine-tune your pricing strategy. The market is becoming more competitive.
• Buyers: You may find more options and potentially more negotiating power.

Ready to make your move in this evolving market? Let's discuss how these changes could benefit you. Contact me for a personalized consultation and let's navigate these waters together! If you'd like to receive future market updates, please drop me a note, follow my business page, or you can subscribe to my website.