According to the Baldwin Realtors, March condominium sales decreased 15.7% year-over-year from 134 to 113 closed transactions. Contrary to seasonal trends, sales increased 31.4% from February. Sales are down 17.2 year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s condominium data, click here.
Inventory: March listings (1,022) increased 7.7% from February and increased 132.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 9.0 months, down from 11.0 in February and up from 3.3 months in March 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 March was $499,000, a decrease of 1.1% from one year ago and a decrease of 1.7% from February. 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 March averaged 92 days on the market (DOM), 18 days slower than one year ago.
Forecast: March sales were 52 units, or 31.7%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 165 sales for the month, while actual sales were 113 units. ACRE forecast a total of 388 home sales year-to-date, while there were 288 actual sales through March, a difference of 25.8%.
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.
