Sales: According to the Baldwin Realtors, December condominium sales decreased 64.1% year-over-year (Y/Y) from 209 to 75 closed transactions, the tenth consecutive Y/Y decline. Following seasonal trends, sales decreased 16.7% from November. Sales are down 22.6% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s condominium data, click here.
Inventory: December listings (472) decreased 7.1% from November and increased 106.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 6.3 months, up from 5.6 in November and up from 1.1 months in December 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 December was $565,000, an increase of 6.6% from one year ago and an increase of 14.1% from November. 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 December averaged 56 days on the market (DOM), 10 days slower than one year ago.
Forecast: December sales were 69 units, or 47.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 144 sales for the month, while actual sales were 75 units. ACRE forecast a total of 2,026 condo sales year-to-date while there were 1,841 actual sales through December, a difference of 9.1%.
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.
