Sales: According to the Baldwin Realtors, August condominium sales increased 72.1% year-over-year from 129 to 222 closed transactions. Sales decreased 5.5% from July, and after the significant gain in August, condo sales are now up 12.5% 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 August declined 33.5% year-over-year from 737 to 490 listings. Months of supply decreased from 5.7 to 2.2, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The Baldwin County condo median sales price in August was $355,000, a decrease of 1.9% from one year ago and a decrease of 4.1% from July. 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 August averaged 81 days on the market (DOM), 10 days faster than one year ago.
Forecast: August sales were 57 units, or 34.6%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 165 sales for the month, while actual sales were 222 units. ACRE forecast a total of 1,294 condo sales year-to-date, while there were 1,188 actual sales through August, a difference of 8.2%.
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 August 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.
