Sales: According to the Baldwin Realtors, June condominium sales decreased 20.5% year-over-year (Y/Y) from 229 to 182 closed transactions, the fourth consecutive Y/Y decline. Following seasonal trends, sales increased 3.4% from May. Sales are down 3.2% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s condominium data, click here.
Inventory: June listings (483) increased 31.3% from May and increased 67.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.7 months, up from 2.1 in May and up from 1.3 months in June 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-5 months of supply.
Pricing: The Baldwin County condo median sales price in June was $535,500, an increase of 21.0% from one year ago and an increase of 0.9% from May. 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 May averaged 18 days on the market (DOM), a record low and 23 days faster than one year ago.
Forecast: June sales were 10 units, or 5.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 192 sales for the month, while actual sales were 182 units. ACRE forecast a total of 1,093 condo sales year-to-date while there were 1,197 actual sales through June, a difference of 9.5%.
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.
