Foley area real estate market continues strong 2015

Gulf Coast Media Staff Reports
Posted 9/24/15

FOLEY — Eight months into the year, the real estate market in the Foley area continues to boom.

Numbers from the Foley single-family housing market showed positive increases across the board over the first eight months of this year.

The …

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Foley area real estate market continues strong 2015

Posted

FOLEY — Eight months into the year, the real estate market in the Foley area continues to boom.

Numbers from the Foley single-family housing market showed positive increases across the board over the first eight months of this year.

The Foley single-family market includes homes in Foley, Summerdale, Silverhill, Robertsdale, Elberta, Bon Secour, Magnolia Springs and Lillian.

Through eight months, the numbers are as follows;

—  725 homes were sold by the end of August this year, up from 621 sold during the same period last year — an increase of 17 percent year-to-year.

—  The average sale price of homes in the market rose from $151,308 in 2014 to $165,176 in 2015 — an increase of nine percent.

—  The median sale price also rose year-over-year from $138,000 last year to $145,985 this year — a six percent increase.

—  While homes sold for an average price of $80 per-square-foot during the first eight months of 2014, that number rose to $88 per-square-foot during the same period this year — an increase of 10 percent.

—  There were 162 homes under contract or pending in the region on Sept. 1 this year, compared with 124 at this time last year — showing that demand for homes in the area is also on the rise.