According to the Baldwin Realtors, December condominium sales increased 4.4% year-over-year (Y/Y) from 91 to 95 closed transactions. Contrary to seasonal trends, sales decreased 4.0% from November. Sales are up 2.2% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
Inventory: December listings (997) decreased 9.5% from November and decreased 0.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 10.5 months, down from 11.1 in November and up from 6.3 months in December 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 December was $572,500, a decrease of 0.4% from one year ago and a decrease of 4.6% 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 143 days on the market (DOM), 46 days slower than one year ago.
Forecast: December sales were 2 units, or 2.0%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 93 sales for the month, while actual sales were 95 units. ACRE forecasted a total of 1274 condo sales year-to-date while there were 1179 actual sales through December, a difference of 7.4%.
The Baldwin County Condominium Monthly Report is developed in conjunction with the Baldwin Realtors to better serve Gulf Coast consumers.
