Sales: According to the Baldwin Realtors, September condominium sales increased 45.6% year-over-year (Y/Y) from 123 to 184 closed transactions, ending two consecutive months of Y/Y declines. Following seasonal trends, sales decreased 7.5% from August. Sales are now up 39.7% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s condominium data, click here.
Inventory: September listings (387) decreased 3.3% from August and declined 9.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.1 months, up from 2 months in August and down from 3.5 months in September 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 September was $422,500, an increase of 22.5% from one year ago and a decrease of 11.1% from August. 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 21 days on the market (DOM), a record low and 51 days faster than one year ago.
Forecast: September sales were 53 units, or 40.5%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 131 sales for the month, while actual sales were 184 units. ACRE forecast a total of 1,399 condo sales year-to-date while there were 1,832 actual sales through September, 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 September 1 – 30, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.