Sales: According to the Baldwin Realtors, May condominium sales decreased 9.7% year-over-year (Y/Y) from 195 to 176 closed transactions, the third consecutive Y/Y decline. Following seasonal trends, sales decreased 10.7% from April. Sales are now up 0.8% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s condominium data, click here.
Inventory: May listings (368) increased 37.8% from April and increased 51.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.1 months, up from 1.4 in April and up from 1.2 months in May 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-6 months of supply.
Pricing: The Baldwin County condo median sales price in May was $530,500, an increase of 23.5% from one year ago and an increase of 1.1% from April. 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 19 days on the market (DOM), a record low and 21 days faster than one year ago.
Forecast: May sales were 29 units, or 14.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 205 sales for the month, while actual sales were 176 units. ACRE forecast a total of 901 condo sales year-to-date while there were 1,015 actual sales through May, a difference of 12.6%.
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.