According to the Baldwin Realtors, July condominium sales decreased 20.0% year-over-year from 120 to 96 closed transactions. Contrary to seasonal trends, sales decreased 2.0% from June. Sales are down 17.7% 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 (1,102) increased 0.5% from June and increased 70.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 11.5 months, up from 11.2 in June and up from 5.4 months in July 2023. 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 July was $530,000, a decrease of 1.9% from one year ago and a decrease of 7.4% 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 July averaged 109 days on the market (DOM), 57 days slower than one year ago.
Forecast: July sales were 48 units, or 33.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 144 sales for the month, while actual sales were 96 units. ACRE forecast a total of 992 home sales year-to-date, while there were 725 actual sales through July, a difference of 27.0%.
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.
