According to the Baldwin Realtors, November condominium sales increased 47.8% year-over-year (Y/Y) from 67 to 99 closed transactions. Contrary to seasonal trends, sales increased 8.8% from October. Sales are up 14.7% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
Inventory: November listings (1102) decreased 4.7% from October and increased 3.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 11.1 months, down from 12.7 in October and up from 5.6 months in November 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 November was $600,000, a decrease of 4.8% from one year ago and an increase of 11.6% 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 152 days on the market (DOM), 46 days slower than one year ago.
Forecast: November sales were 36 units, or 48.7%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 74 sales for the month, while actual sales were 110 units. ACRE forecasted a total of 1181 condo sales year-to-date while there were 1084 actual sales through November, a difference of 8.19%.
The Baldwin County Condominium Monthly Report is developed in conjunction with the Baldwin Realtors to better serve Gulf Coast consumers.
