According to the Baldwin Realtors, October condominium sales decreased 15.9% year-over-year from 107 to 90 closed transactions. Following seasonal trends, sales increased 21.6% from September. Sales are down 18.6% 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 (1,105) decreased 2.0% from September and increased 25.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 12.3 months, down from 15.2 in September and up from 8.2 months in October 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 October was $495,500, a decrease of 8.6% from one year ago and an increase of 18.1% 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 105 days on the market (DOM), 48 days slower than one year ago.
Forecast: October sales were 26 units, or 22.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 116 sales for the month, while actual sales were 90 units. ACRE forecasts a total of 1,365 home sales year-to-date, while there were 986 actual sales through October, a difference of 27.8%.
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.
