According to the Baldwin Realtors, October condominium sales decreased 2.73% year-over-year (Y/Y) from 110 to 107 closed transactions. Contrary to seasonal trends, sales increased 5.9% from September. Sales are down 27.7% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s condominium data, click here.
Inventory: October listings (880) increased 3.29% from September and increased 80.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 8.2 months, up from 8.4 in September and up from 4.4 months in October 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 October was $540,000, a decrease of 4.5% from one year ago and an increase of 0.9% 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 57 days on the market (DOM), 9 days slower than one year ago.
Forecast: October sales were 9 units, or 10.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 94 sales for the month, while actual sales were 103 units. ACRE forecast a total of 1,315 condo sales year-to-date while there were 1,212 actual sales through October, a difference of 7.8%.
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.
