Gulf Coast May condo sales hit new high, rise 9 percent from last May

Gulf Coast May condo sales hit new high, rise 9 percent from last May
The Baldwin County condo median sales price in May was $284,000, up 19 percent from last May. (iStock)

Click here to view or print the entire monthly report compliments of the ACRE Corporate Cabinet.

Sales: According to the Baldwin County Association of Realtors Multiple Listing Service, Baldwin County condo sales, which include condos along the Gulf Coast, totaled 189 units during May, a 9 percent increase from May 2016’s 173 units.

For all of Baldwin County’s condo sales data, click here.

Forecast: May sales were 14 units or 8 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2017 sales forecast through May projected 702 closed transactions. Actual sales were 787 units.

Supply: Baldwin County condo inventory totaled 709 units, a decrease of 21 percent from May 2016. The inventory was down 2 percent from the prior month. Historical patterns indicate that May inventory on average (2012-16) increases 7.5 percent from April. Condo inventory during May peaked in 2011 at 1,283 units. The inventory is down 45 percent from that peak. During May, the condo supply stood at 3.8 months, down from 5.1 months during May 2016.

Demand: Condo sales declined 29 percent from April. Seasonal buying patterns and historical data trends reflect May condo sales on average (2012-16) increase from April by 9.4 percent.

Pricing: The Baldwin County condo median sales price in May was $284,000, up 19 percent from last May. The median sales price decreased 4 percent from the prior month.

The Baldwin County Condo Monthly Report is developed in conjunction with the Baldwin County Association of Realtors to better serve both local and worldwide consumers interested in the beaches along Alabama’s Gulf Coast.

Related Stories