Sales: According to the Baldwin Realtors, January condominium sales increased 54.1% year-over-year (Y/Y) from 171 to 111 closed transactions, marking four consecutive months of Y/Y gains. Following seasonal trends, sales decreased 18.2% from December. Sales are now up 54.1% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s condominium data, click here.
Inventory: January listings (136) decreased 40.6% from December and decreased 22.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 0.8 months, down from 1.1 in December and up from 1.6 months in January 2021. 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 January was $474,900, an increase of 18.5% from one year ago and a decrease of 10.4% from December. 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 December averaged 44 days on the market (DOM), 31 days faster than one year ago.
Forecast: January sales were 24 units, or 16.4%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 147 sales for the month, while actual sales were 171 units. ACRE forecast a total of 147 condo sales year-to-date while there were 171 actual sales through January, a difference of 16.4%.
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 January 1 – 31, 2022. Thus, the performance represented is historical and should not be used as an indicator of future results.