According to the Baldwin Realtors, December condominium sales increased 24.0% year-over-year (Y/Y) from 75 to 93 closed transactions. Similar to seasonal trends, sales increased 17.7% from November. Sales are down 26.9% 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 (800) decreased 5.8% from November and increased 69.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 8.6 months, down from 10.7 in November and up from 6.3 months in December 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 December was $640,000, an increase of 13.3% from one year ago and an increase of 12.3% 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 71 days on the market (DOM), 15 days slower than one year ago.
Forecast: December sales were 21 units, or 18.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 114 sales for the month, while actual sales were 93 units. ACRE forecast a total of 1,426 condo sales year-to-date while there were 1,384 actual sales through December, a difference of 2.9%.
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.
