Sales: According to the Baldwin Realtors, July condominium sales decreased 10.4% year-over-year from 222 to 199 closed transactions. Following seasonal trends, sales decreased 6.6% from July. Sales are now up 38.7% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s condominium data, click here.
Inventory: August listings (400) increased 19.8% from July and declined 18.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2 months, up from 1.6 months in July and down from 2.2 months in August 2020. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The Baldwin County condo median sales price in July was $475,000, an increase of 33.8% from one year ago and an increase of 22.1% 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 July averaged 33 days on the market (DOM), 48 days faster than one year ago.
Forecast: August sales were 48 units, or 32.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 151 sales for the month, while actual sales were 199 units. ACRE forecast a total of 1,268 condo sales year-to-date while there were 1,648 actual sales through August, a difference of 30%.
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, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.