Sales: According to the Baldwin Realtors, October condominium sales increased 6.5% year-over-year from 138 to 147 closed transactions. Sales increased 19.5% from September, and are now up 9.6% 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 October declined 42.6% year-over-year from 692 to 397 listings. Months of supply decreased from 5.0 to 2.7, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The Baldwin County condo median sales price in October was $372,500, an increase of 10.7% from one year ago and an increase of 8% from September. 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 October averaged 78 days on the market (DOM), 60 days faster than one year ago.
Forecast: October sales were 1 unit, or 0.7%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 146 sales for the month, while actual sales were 147 units. ACRE forecast a total of 1,583 condo sales year-to-date, while there were 1,458 actual sales through October, a difference of 7.9%.
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 October 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.
