According to the Baldwin Realtors, October condominium sales increased 1.1% year-over-year (Y/Y) from 90 to 91 closed transactions. Contrary to seasonal trends, sales decreased 8.1% from September. Sales are up 8.7% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
Inventory: October listings (1156) decreased 4.4% from September and increased 4.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 12.7 months, up from 8.4 in September and up from 4.4 months in October 2022. 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 $550,000, an increase of 11.4% from one year ago and an increase of 5.8% 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 139 days on the market (DOM), 34 days slower than one year ago.
Forecast: October sales were 2 units, or 2.28%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 93 sales for the month, while actual sales were 91 units. ACRE forecasted a total of 1014 condo sales year-to-date while there were 974 actual sales through October, a difference of 3.9%.
The Baldwin County Condominium Monthly Report is developed in conjunction with the Baldwin Realtors to better serve Gulf Coast consumers.
