According to the Baldwin Realtors, November condominium sales decreased 15.2% year-over-year from 79 to 67 closed transactions. Following seasonal trends, sales decreased 25.6% from October. Sales are down 18.4% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s condominium data, click here.
Inventory: November listings (1,061) decreased 4.0% from October and increased 25.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 15.8 months, up from 12.3 in October and up from 10.7 months in November 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 November was 630,000, an increase of 10.5% from one year ago and an increase of 27.7% from October. 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 November averaged 106 days on the market (DOM), 24 days slower than one year ago.
Forecast: November sales were 30 units, or 30.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 97 sales for the month, while actual sales were 67 units. ACRE forecasts a total of 1,462 home sales year-to-date, while there were 1,052 actual sales through November, a difference of 28.0%.
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.