Sales: According to the Baldwin Realtors, July condominium sales decreased 44.1% year-over-year (Y/Y) from 213 to 119 closed transactions, the fifth consecutive Y/Y decline. Following seasonal trends, sales decreased 34.6% from June. Sales are down 9.2% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s condominium data, click here.
Inventory: July listings (510) increased 6.6% from June and increased 52.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.3 months, up from 2.7 in June and up from 1.6 months in July 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-6 months of supply.
Pricing: The Baldwin County condo median sales price in July was $535,000, an increase of 37.5% from one year ago and no change from June. 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 June averaged 22 days on the market (DOM), 2 days faster than one year ago.
Forecast: July sales were 78 units, or 39.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 197 sales for the month, while actual sales were 119 units. ACRE forecast a total of 1290 condo sales year-to-date while there were 1316 actual sales through July, a difference of 2.1%.
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.
