Sales: According to the Baldwin Realtors, May condominium sales decreased 25.6% year-over-year (Y/Y) from 176 to 131 closed transactions, the fourteenth consecutive Y/Y decline. Contrary to seasonal trends, sales decreased 8.4% from April. Sales are down 38.7% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s condominium data, click here.
Inventory: May listings (540) increased 6.5% from April and increased 46.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.1 months, up from 3.5 in April and up from 2.1 months in May 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The Baldwin County condo median sales price in May was $487,500, a decrease of 8.1% from one year ago and a decrease of 8.0% from April. 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 62 days on the market (DOM), 43 days slower than one year ago.
Forecast: May sales were 31 units, or 19.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 162 sales for the month, while actual sales were 131 units. ACRE forecast a total of 662 condo sales year-to-date while there were 622 actual sales through May , a difference of 6.0%.
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.
