Gulf Shores home asking prices continue to rise this summer as sellers seem to be staying on the sidelines.
The number of homes listed for sale rose by just 0.5% in June from May and was down 19.4% from one year ago, according to Realtor.com. Slightly less than 1.89 million homes were listed for sale in June, which is lower than at any time in 2011 or 2010.
Gulf Shores Home Listings Are Down
Gulf Shores home listings are down in part because banks have been slower to move foreclosed properties onto the market and investors are buying up more of them at courthouse auction sales and renting them out.
Gulf Shores home sellers appear to be unwilling to list their homes amid signs that prices are turning around. Some home owners owe more than their homes are worth and may be unable to sell without taking a big loss.
Nationally, compared with one year ago, listings were down in all but two of the 146 markets tracked by Realtor.com.
Big inventory drops are pushing up prices. Gulf Shores home buyers saw median prices increase in June from one year ago, and in some areas, by at least 5 percent.
Another sign of the improvement this Spring has been the median age of inventory listed for sale falling by nearly 10 percent from one year ago. That would indicate sellers are finding buyers more quickly for their homes.
If you’re considering buying a Gulf Shores home, continuing to wait could really cost you. With prices on the increase, and inventory going down, there may be no better time to buy than right now. Interest rates on mortgages continues to hover in record low territory. Talk to us about your situation and let us help you find the Gulf Shores home of your dreams. If you’re currently renting, owning a home may actually be cheaper than continuing to rent.