Sales: According to the Baldwin Realtors, May condominium sales decreased 45.4% year-over-year from 172 to 94 closed transactions. Following seasonal trends, May sales increased 19% from April. Sales are down 20.1% year-to-date, and sales are likely to soften in the months ahead 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 May declined 13.2% year-over-year from 751 to 652 listings. Months of supply increased from 4.4 to 6.9, reflecting a continual transition where buyers generally have increased bargaining power.
Pricing: The Baldwin County condo median sales price in May was $303,000, a decrease of 19.1% from one year ago and an increase of 2.7% from April. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Condos sold in May averaged 63 days on the market (DOM), 14 days faster than one year ago.
Forecast: May sales were 98 units, or 51%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 192 sales for the month, while actual sales were 94 units. ACRE forecast a total of 780 condo sales year-to-date, while there were 544 actual sales through May, a difference of 30.3%.
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 May 1 – 31, 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.
