Sales: According to the Baldwin Realtors, July condominium sales increased 92.6% year-over-year from 122 to 235 closed transactions. Largely a result of pent-up demand, sales increased 25.7% from June. After the significant gain in July, condo sales are now up 4.2% 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 July declined 29.6% year-over-year from 707 to 498 listings. Months of supply decreased from 5.8 to 2.1, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The Baldwin County condo median sales price in July was $370,000, an increase of 5.3% from one year ago and an increase of 12.6% from June. 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 July averaged 91 days on the market (DOM), 10 days faster than one year ago.
Forecast: July sales were 63 units, or 36.6%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 172 sales for the month, while actual sales were 235 units. ACRE forecast a total of 1,129 condo sales year-to-date, while there were 966 actual sales through July, a difference of 14.4%.
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 July 1 – 31, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the impact of COVID-19 on the housing market.