Sales: According to the Baldwin Realtors, February condominium sales decreased 49.3% year-over-year (Y/Y) from 219 to 111 closed transactions, the twelfth consecutive Y/Y decline. Following seasonal trends, sales increased 7.8% from January. Sales are down 45.1% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s condominium data, click here.
Inventory: February listings (430) decreased 5.3% from January and increased 223.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.9 months, down from 4.4 in January and up from 0.6 months in February 2022. 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 February was $536,000, an increase of 19.4% from one year ago and an increase of 1.3% from January. 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 February averaged 70 days on the market (DOM), 26 days slower than one year ago.
Forecast: February sales were 5 units, or 4.5%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 106 sales for the month, while actual sales were 111 units. ACRE forecast a total of 200 condo sales year-to-date while there were 214 actual sales through February, a difference of 7.1%.
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.
