Baldwin condos’ median sales price up 34 percent from last year

Baldwin condos’ median sales price up 34 percent from last year
So far in 2017, total sales of Baldwin County condos are far ahead of sales projections. (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 153 units during August, a 7 percent increase from August 2016’s 143 units.

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

Forecast: August sales were one unit or 0.66 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2017 sales forecast through August projected 1,177 closed transactions. Actual sales were 1,328 units.

Supply: Baldwin County condo inventory totaled 743 units, a decrease of 17.4 percent from August 2016. The inventory was down 0.4 percent from the prior month. Historical patterns indicate that August inventory on average (2012-16) increases 0.4 percent from July. Condo inventory during August peaked in 2011 at 1,236 units. The inventory is down 40 percent from that peak. During August, the condo supply stood at 4.9 months, down from 6.3 months during August 2016.

Demand: Condo sales decreased 4.3 percent from July. Seasonal buying patterns and historical data trends reflect August condo sales on average (2012-16) decrease from July by 26.1 percent.

Pricing: The Baldwin County condo median sales price in August was $375,000, up 33.9 percent from last August. The median sales price decreased 7.4 percent from the prior month.

Industry Analysis: “For the first time in 2017, we have increased our full-year growth outlook. The upgrade reflects economic activity gaining momentum at the end of the second quarter, though we see a great deal of uncertainty surrounding the forecast,” said Fannie Mae Chief Economist Doug Duncan. “The list of uncertainties now extends beyond the geopolitical and legislative, as the effects of Hurricanes Harvey and Irma will require time to untangle. Historically, natural disasters that hit heavily populated areas led to substantial near-term declines in economic activity but meaningful rebounds in subsequent quarters due to rebuilding efforts. Thus, economic growth in the second half of 2017 could still average a slightly stronger pace than the first half. Unfortunately, we continue to expect home sales to be flat during the second half of the year compared to the first half due to strong home price appreciation and lean inventories.”

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