Sales: According to the Baldwin County Association of Realtors Multiple Listing Service, Baldwin County condo sales, which include condos along the Gulf Coast, totaled 116 units during September, a 6.4 percent increase from September 2016’s 109 units.
For all of Baldwin County’s condo sales data, click here.
Forecast: September sales were 17 units or 12.8 percent below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2017 sales forecast through September projected 1,310 closed transactions. Actual sales were 1,444 units.
Supply: Baldwin County condo inventory totaled 727 units, a decrease of 15.4 percent from September 2016. The inventory was down 2.2 percent from the prior month. Historical patterns indicate that September inventory on average (2012-16) decreases 2 percent from August. Condo inventory during September peaked in 2011 at 1,201 units. The inventory is down 39.5 percent from that peak. During September, the condo supply stood at 6.3 months, down from 7.9 months during September 2016.
Demand: Condo sales decreased 24.3 percent from August. Seasonal buying patterns and historical data trends reflect September condo sales on average (2012-16) decrease from August by 24.2 percent.
Pricing: The Baldwin County condo median sales price in September was $299,950, up 11.1 percent from last September. The median sales price decreased 20 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.