Sales: According to the Baldwin Realtors, April condominium sales decreased 23.4% year-over-year (Y/Y) from 257 to 197 closed transactions. Following seasonal trends, sales decreased 21.8% from March. Sales are now up 3.3% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s condominium data, click here.
Inventory: April listings (267) increased 16.8% from March and increased 15.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.4 months, up from 0.7 in March and up from 0.9 months in April 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 April was $525,500, an increase of 31.3% from one year ago and an increase of 16.8% from March. 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 April averaged 24 days on the market (DOM), 20 days faster than one year ago.
Forecast: April sales were 5 units, or 2.6%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 192 sales for the month, while actual sales were 197 units. ACRE forecast a total of 696 condo sales year-to-date while there were 839 actual sales through April, a difference of 20.5%.
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.
