Sales: According to the Baldwin Realtors, September condominium sales decreased 25.0% year-over-year (Y/Y) from 184 to 138 closed transactions, the seventh consecutive Y/Y decline. Following seasonal trends, sales increased 23.2% from August. Sales are down 14.5% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s condominium data, click here.
Inventory: September listings (499) increased 32.4% from August and increased 28.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.6 months, up from 3.4 in August and up from 2.1 months in September 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 September was $525,000, an increase of 24.3% from one year ago and an increase of 41.6% from August. 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 September averaged 43 days on the market (DOM), 22 days faster than one year ago.
Forecast: September sales were 7 units, or 5.0%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 145 sales for the month, while actual sales were 138 units. ACRE forecast a total of 1,602 condo sales year-to-date while there were 1,566 actual sales through September, a difference of 2.2%.
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.
