According to the Baldwin Realtors, August condominium sales decreased 21.1% year-over-year from 123 to 97 closed transactions. Following seasonal trends, sales increased 1.0% from July. Sales are down 18.1% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s condominium data, click here.
Inventory: August listings (1,100) decreased 0.2% from July and increased 42.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 11.3 months, down from 11.5 in July and up from 6.3 months in August 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 August was $570,000, an increase of 8.6% from one year ago and an increase of 7.5% from July. 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 August averaged 106 days on the market (DOM), 28 days slower than one year ago.
Forecast: August sales were 41 units, or 29.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 138 sales for the month, while actual sales were 97 units. ACRE forecasts a total of 1,131 home sales year-to-date, while there were 822 actual sales through August, a difference of 27.3%.
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.
