According to the Baldwin Realtors, February condominium sales decreased 22.5% year-over-year (Y/Y) from 111 to 86 closed transactions. Contrary to seasonal trends, sales decreased 3.4% from January. Sales are down 18.2 year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s condominium data, click here.
Inventory: February listings (949) increased 8.5% from January and increased 120.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 11.0 months, up from 9.8 in January and up from 3.9 months in February 2023. 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 February was $507,500, a decrease of 5.3% from one year ago and a decrease of 4.1% from January. 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 February averaged 72 days on the market (DOM), 2 days slower than one year ago.
Forecast: February sales were 36 units, or 29.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 101 sales for the month, while actual sales were 89 units. Sales are down 21.5% year-to-date.
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.
