ALABAMA REAL ESTATE JOURNAL

Baldwin County condo sales increase in June 2020

Sales: According to the Baldwin Realtors, June condominium sales increased 50.8% year-over-year from 124 to 127 closed transactions. Going against seasonal trends, sales increased 98.9% from May. After the significant gain in June, condo sales are now down 9.2% year-to-date. 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 June declined 23.3% year-over-year from 700 to 537 listings. Months of supply decreased from 5.6 to 2.9, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The Baldwin County condo median sales price in June was $328,500, a decrease of 16.1% from one year ago and an increase of 8.4% from May. 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 June averaged 86 days on the market (DOM), equal to one year ago.

Forecast: June sales were 10 units, or 5.7%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 177 sales for the month, while actual sales were 187 units. ACRE forecast a total of 957 condo sales year-to-date, while there were 731 actual sales through June, a difference of 23.6%.

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 June 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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