According to the Baldwin Realtors, September condominium sales decreased 26.8% year-over-year (Y/Y) from 138 to 101 closed transactions. Contrary to seasonal trends, sales decreased 17.9% from August. Sales are down 27.1% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
Inventory: September listings (852) increased 10.2% from August and increased 70.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 8.4 months, up from 6.3 in August and up from 3.6 months in September 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 September was $535,000, an increase of 1.9% from one year ago and an increase of 1.9% 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 66 days on the market (DOM), 23 days slower than one year ago.
Forecast: September sales were 9 units, or 8.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 110 sales for the month, while actual sales were 101 units. ACRE forecasted a total of 1210 condo sales year-to-date while there were 1105 actual sales through September, a difference of 8.7%.
The Baldwin County Condominium Monthly Report is developed in conjunction with the Baldwin Realtors to better serve Gulf Coast consumers.
