The insulating magnetic phase in graphene zigzag ribbons, predicted both by density functional and mean field Hubbard model calculations, is described without additional approximations with a BCS wave function of two phase-locked condensates of spin-polarized electron-hole pairs. The associated order parameter is the spin dipole operator that features both magnetic and electric order and accounts for the spin-resolved ferroelectricity of the system. Each condensate is associated to a spin-dependent dipole and their relative phase locking sets the total electric dipole and total magnetization equal to zero.