Dauphin Island July Residential Market Trends
DAUPHIN ISLAND, Ala. — The real estate market in Dauphin Island continues to showcase its dynamic nature with the release of data from the Gulf Coast Multiple Listing Service, for July 2023.
This data highlights remarkable shifts in key indicators, including months of inventory, median sold price, median days on market, list to sold price percent, and the number of properties.
In July, the months of inventory in Dauphin Island decreased by 0.89% compared to June, settling at 6.69 months. This reduction in months of inventory points towards a further tightening of the market, reflecting a potential increase in buyer activity and heightened demand for residential properties.
A trend in July is the increase in the median sold price for residential properties, which surged by 30.69% compared to June, reaching $519,500. This growth signifies a vibrant market that continues to attract buyers and potentially reflects shifts in property preferences or increased investment activity.
The median days on market demonstrated a decrease of 3.7% in July compared to the previous month, with properties now spending a median of 52 days on the market. This suggests a quicker pace of sales, potentially driven by the rising demand for properties in Dauphin Island.
The list to sold price percent experienced an increase of 0.91% in July, reaching 94.7%. This uptick indicates that sellers are achieving closer-to-listing prices for their properties, possibly due to heightened buyer competition and favorable market conditions.
While the number of properties available for sale decreased by 5.6% compared to June, with a total of 68 properties, the overall trend suggests a still-active market where buyers are finding opportunities despite a slightly reduced inventory.
“The residential market trends in Dauphin Island for July 2023 demonstrate a resilient market with notable growth in median sold prices and improved list to sold price percentages,” GCMLS Board President Timothy Mills said. “These trends suggest that the market continues to be appealing for both buyers and sellers, potentially resulting in a competitive yet favorable environment.”