Sales: According to the Baldwin Realtors, November condominium sales decreased 22.7% year-over-year from 119 to 92 closed transactions. Sales decreased 37.4% from October, and are now up 7% 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 November declined 39.1% year-over-year from 660 to 402 listings. Months of supply decreased from 5.5 to 4.4, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The Baldwin County condo median sales price in November was $395,120, an increase of 17.3% from one year ago and an increase of 6.1% from October. 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 November averaged 64 days on the market (DOM), 9 days faster than one year ago.
Forecast: November sales were 37 units, or 28.7%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 129 sales for the month, while actual sales were 92 units. ACRE forecast a total of 1,712 condo sales year-to-date, while there were 1,550 actual sales through November, a difference of 9.5%.
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 November 1 – 30, 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.
