Sales: According to the Baldwin Realtors, November condominium sales increased 75% year-over-year (Y/Y) from 92 to 161 closed transactions, marking three consecutive months of Y/Y gains. Following seasonal trends, sales decreased 9% from October. Sales are now up 40% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s condominium data, click here.
Inventory: November listings (312) decreased 17% from October and declined 22.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.9 months, down from 2.1 in October and down from 4.4 months in November 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 November was $499,000, an increase of 26.3% from one year ago and an increase of 7.3% 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 October averaged 40 days on the market (DOM), 24 days faster than one year ago.
Forecast: November sales were 31 units, or 22.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 132 sales for the month, while actual sales were 161 units. ACRE forecast a total of 1,656 condo sales year-to-date while there were 2,170 actual sales through November, a difference of 31.1%%.
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, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.