Sales: According to the Baldwin Realtors, October condominium sales increased 20.4% year-over-year (Y/Y) from 147 to 177 closed transactions, beginning two consecutive months of Y/Y gains. Following seasonal trends, sales decreased 3.8% from September. Sales are now up 37.79% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s condominium data, click here.
Inventory: October listings (376) decreased 2.8% from September and declined 5.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.1 months, which was the same in September and down from 2.7 months in October 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 October was $465,000, an increase of 24.8% from one year ago and an increase of 10.1% 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 September averaged 25 days on the market (DOM), 53 days faster than one year ago.
Forecast: October sales were 52 units, or 41.6%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 125 sales for the month, while actual sales were 177 units. ACRE forecast a total of 1,524 condo sales year-to-date while there were 2,009 actual sales through October , a difference of 31%8
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, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.