ALABAMA REAL ESTATE JOURNAL

Baldwin County condo sales slow significantly in April 2020

Sales: According to the Baldwin Realtors, April condominium sales decreased 51.8% year-over-year from 164 to 79 closed transactions. Going against seasonal trends, April sales decreased 47.7% from March. Sales are down 11.6%% year-to-date, and future demand is likely to soften due to the growing economic impact of the COVID-19 pandemic. Two more resources to review: Quarterly Report and Annual Report.

For all of Baldwin County’s condominium data, click here.

Inventory: Total condos listed for sale in April declined 1.5% year-over-year from 756 to 745 listings. Months of supply increased from 4.6 to 9.4, reflecting a shift towards a buyer’s market in the area.

Pricing: The Baldwin County condo median sales price in April was $295,000, a decrease of 15.1% from one year ago and a decrease of 16.9% from March. This indicator can fluctuate from month to month because of the sampling size of data and seasonal buying patterns. Condos sold in April averaged 74 days on the market (DOM), 18 days faster than one year ago.

Forecast: April sales were 101 units, or 56.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 180 sales for the month, while actual sales were 79 units. ACRE forecast a total of 588 condo sales year-to-date, while there were 450 actual sales through April, a difference of 23.5%.

Click here to view the entire monthly report.

The Baldwin County Condominium Monthly Report is developed in conjunction with the Baldwin Realtors to better serve Gulf Coast consumers.

Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period April 1 – 30, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the upcoming impact of COVID-19 on the housing market.

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