Sales: According to the Baldwin Realtors, October condominium sales decreased 37.9% year-over-year (Y/Y) from 177 to 110 closed transactions, the eighth consecutive Y/Y decline. Following seasonal trends, sales decreased 20.3% from September. Sales are down 16.6% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s condominium data, click here.
Inventory: October listings (487) decreased 2.4% from September and increased 29.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.4 months, up from 3.6 in September and up from 2.1 months in October 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 October was $565,500, an increase of 21.6% from one year ago and an increase of 7.7% from September. 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 October averaged 48 days on the market (DOM), 23 days faster than one year ago.
Forecast: October sales were 28 units, or 20.0%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 138 sales for the month, while actual sales were 110 units. ACRE forecast a total of 1,739 condo sales year-to-date while there were 1,676 actual sales through October, a difference of 3.6%.
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.
