Dauphin Island June Residential Market Trends
DAUPHIN ISLAND, Ala. – The latest residential market trend report for Dauphin Island, released by the Gulf Coast Multiple Listing Service (GCMLS,) today, highlights a series of mixed signals in the local housing market during the month of June 2023.
Based on comprehensive data analysis, the data provides valuable insights into key indicators, including months of inventory, median sold price, median days on market, list to sold price percent, and the number of properties.
According to the data, the months of inventory in Dauphin Island experienced a slight decline of 2.13% compared to May, now resting at 6.9 months. This shift indicates a relatively tighter market, suggesting a decrease in the availability of residential properties for potential buyers.
In terms of pricing, the median sold price for residential properties in Dauphin Island witnessed a decline of 3.46% in June, settling at $397,501. This reduction in median sold price suggests a potential cooling of the market or a shift in buyer preferences.
One noteworthy finding is the substantial increase in the median days on market, which rose by 237.5% compared to May, reaching 54 days. This substantial jump indicates that properties took significantly longer to sell in June, potentially due to increased competition or specific market conditions.
The list to sold price percent, another important metric, experienced a decrease of 3.46% in June, coming in at 93.8%. This figure signifies that sellers may have had to make slight concessions in terms of pricing, negotiating, or accepting offers closer to the listing price.
In terms of inventory, the number of properties available for sale in Dauphin Island decreased by 1.4% compared to May, totaling 73 properties. This slight reduction suggests a potential tightening of the market or a decrease in new listings during the month.
“While the residential market trends in Dauphin Island for June 2023 display a mix of signals, they point towards a potential shift in the market dynamics,” GCMLS Board President Timothy Mills said. “Buyers may have more negotiating power as properties take longer to sell, and the decline in median sold price may present opportunities for those in search of their dream home.”
It is important to note that these trends are based on the provided data and do not represent long-term market projections. Additional factors, such as economic conditions and external events, can influence the residential market in Dauphin Island.
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