According to the Baldwin Realtors, December condominium sales decreased 2.2% year-over-year from 93 to 91 closed transactions. Following seasonal trends, sales increased 35.8% from November. Sales are down 17.3% 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 (1,000) decreased 5.7% from November and increased 25.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 11.0 months, down from 15.8 in November and up from 8.6 months in December 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 December was 575,000, a decrease of 10.2% from one year ago and a decrease of 8.7% 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 97 days on the market (DOM), 26 days slower than one year ago.
Forecast: December sales were 24 units, or 20.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 115 sales for the month, while actual sales were 91 units. ACRE forecasts a total of 1,577 home sales year-to-date, while there were 1,144 actual sales through December, a difference of 27.5%.
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.