Sales: According to the Baldwin Realtors, March condominium sales decreased 46.8% year-over-year (Y/Y) from 252 to 134 closed transactions, the thirteenth consecutive Y/Y decline. Following seasonal trends, sales increased 20.7% from February. Sales are down 45.8% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s condominium data, click here.
Inventory: March listings (440) increased 2.3% from February and increased 163.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.3 months, down from 3.9 in February and up from 0.7 months in March 2022. 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 March was $505,000, an increase of 12.4% from one year ago and a decrease of 5.8% from February. 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 March averaged 74 days on the market (DOM), 42 days slower than one year ago.
Forecast: March sales were 19 units, or 12.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 153 sales for the month, while actual sales were 134 units. ACRE forecast a total of 353 condo sales year-to-date while there were 348 actual sales through March, a difference of 1.4%.
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.
