No matter where you live in the United States, waterfront real estate was one of the hardest hit segments of the market during the economic downturn in 2008. The draw of the waterfront lifestyle is so strong, that many people will leverage as much as possible to make it a reality, despite the potential financial repercussions. Waterfront homes are also likely to be second homes for a lot of folks and when finances get thin, these properties are typically the first to go into a situation of distress, which causes pricing to fall faster and steeper in this category.
Search Fairhope AL Waterfront Real Estate For Sale
In this blog we are going to break down the waterfront sales comps YTD in Fairhope in 2014. We are going to divide the comps into bay and riverfront properties and also extend are search area into Summerdale and Magnolia Springs, two cities connected to the waterways that divide them. These bodies of water include Fish River, Magnolia River, Mobile Bay and possibly Weeks Bay. If after reviewing the sales numbers, you would like to schedule a no-obligation listing consultation with the Jason Will Real Estate Team, where we outline our extensive marketing plan, simply call our sales office at 251-866-6464.
Quick Sales Stats Fairhope Riverfront
| Statistics (5 listings) |
|||||
| Low | High | Average | Median | Total | |
| List Price | $189,900 | $1,195,000 | $464,760 | $250,000 | $2,323,800 |
| Selling Price | $180,000 | $1,075,000 | $418,333 | $225,000 | $2,091,667 |
| Sold/List(%) | 84.11% | 95.66% | 90.06% | 90.00% | -- |
| Price/SqFt ($) | $101.53 | $265.76 | $156.58 | $122.86 | -- |
| Days on Market | 70 | 432 | 220 | 174 | -- |
The Fairhope riverfront market appears to still be a fairly slow moving segment of the local market, with only 5 listings sold year to date. Potential buyers and sellers would need to keep in mind that the available inventory is limited, with only 11 active riverfront homes currently listed for sale. Another key stat to point is out is the average days on market at 220. If you are looking to sell your riverfront property in Fairhope, then you need be prepared for the fact that the process could be a long one. There are steps we can help you take to complete the sale in the shortest time period possible, yet a lot of the responsibility lies with the owner, as the seller typically retains veto power for two of the most crucial elements of real estate sales, price and condition.
Quick Sales Stats Summerdale Riverfront
| Statistics (3 listings) |
|||||
| Low | High | Average | Median | Total | |
| List Price | $250,000 | $525,000 | $351,667 | $280,000 | $1,055,000 |
| Selling Price | $260,000 | $501,000 | $340,333 | $260,000 | $1,021,000 |
| Sold/List(%) | 92.86% | 104.00% | 97.43% | 95.43% | -- |
| Price/SqFt ($) | $109.24 | $326.81 | $198.52 | $159.51 | -- |
| Days on Market | 71 | 679 | 294 | 131 | -- |
Summerdales numbers indicate a similar pattern than its neighbor across the river with limited activity and a large number of days required to sell a home, especially in the higher price range. You will notice that difference in value as you skip from one side of the river to the next. The Fairhope side is more expensive and Summerdale's higher average sold price per square foot is an indication that the gross living areas are smaller than Fairhope's. The hottest commodity on either side of Fish River is going to be homes that look good, smell good and feel good, yet priced under $300,000.
Quick Sales Stats Magnolia Springs
| Statistics (3 listings) |
|||||
| Low | High | Average | Median | Total | |
| List Price | $295,000 | $699,900 | $448,300 | $350,000 | $1,344,900 |
| Selling Price | $256,000 | $550,000 | $377,000 | $325,000 | $1,131,000 |
| Sold/List(%) | 78.58% | 92.86% | 86.07% | 86.78% | -- |
| Price/SqFt ($) | $149.88 | $189.66 | $173.10 | $179.76 | -- |
| Days on Market | 43 | 365 | 158 | 66 | -- |
The Magnolia Springs market, while not on fire, does appear to be a little more balanced in terms of its average days on market. Yet, sellers take note that your neighbors who are are successful are only getting on average just a tad over 86% of their current list price.
Quick Sales Stats for Fairhope Bay Front Homes
| Statistics (21 listings) |
|||||
| Low | High | Average | Median | Total | |
| List Price | $249,900 | $3,250,000 | $921,429 | $795,000 | $19,349,999 |
| Selling Price | $232,000 | $2,566,000 | $834,095 | $725,000 | $17,516,000 |
| Sold/List(%) | 72.57% | 100.00% | 92.56% | 93.34% | -- |
| Price/SqFt ($) | $122.15 | $997.87 | $314.26 | $234.64 | -- |
| Days on Market | 1 | 1244 | 264 | 170 |
-- |
The bay front homes, much like the riverfront market, appears to still be heavily entrenched in a buyer's market with an average days on market of 264. There is a great deal more sales activity YTD, with 21 closings, yet there is also more inventory with another 39 bay front homes currently listed for sale. There are also 8 more homes on the bay pending act of sale. Again, if you have a property valued at under 300K and would like to sell, the process would appear on paper to be fairly quick and painless!
If you are in the market to buy, sell or invest in Fairhope AL waterfront real estate, call the office of Jason Will with Keller Williams Realty Alabama Gulf Coast at 251-866-6464 and for a free report on what homes are selling for around you, visit ForSaleAroundMe.com.
Comments(0)