ALABAMA REAL ESTATE JOURNAL

Baldwin County condo sales hit record high in March

Sales: According to the Baldwin Realtors, March condominium sales increased 94% year-over-year from 151 to 293 closed transactions, a record high. Following seasonal trends, sales increased 94% from February. 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 March declined 67.3% year-over-year from 731 to 239 listings. Months of supply decreased from 4.8 to 0.8, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The Baldwin County condo median sales price in March was $472,500, an increase of 33.1% from one year ago and an increase of 21.2% from February. 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 March averaged 48 days on the market (DOM), 33 days faster than one year ago.

Forecast: March sales were 119 units, or 68.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 174 sales for the month, while actual sales were 293 units.

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 March 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.

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