Baldwin median condo sales price up 9.2 percent from a year ago

Baldwin median condo sales price up 9.2 percent from a year ago
The Baldwin County condo median sales price in May was $310,000. (iStock)

Click here to view or print the entire monthly report.

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 May, a 19 percent decrease from one year ago. Current sales results are 5.2 percent below the five-year May average of 148 condo sales. Two more resources to view: Quarterly Report and Annual Report.   

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

Forecast: May condo sales were eight units or 5 percent below the Alabama Center for Real Estate’s (ACRE) monthly forecast. Year-to-date, 680 Baldwin County condos have been sold, 5.1 percent above ACRE’s forecast of 647 condo sales through May.

Supply: Baldwin County condo inventory totaled 755 units in May, up from 709 units one year ago. Condo inventory increased by 1.1 percent from the prior month. This increase in inventory is relatively inconsistent with historical data from 2013-17 indicating that May inventory on average decreases 1.1 percent from April. Condo inventory during May peaked in 2008 at 2,384 units, and the current inventory is down 68.3 percent from that peak.

Demand: Baldwin County condo sales decreased 5.6 percent from the previous month. This month-over-month sales dip is inconsistent with historical data indicating that May condo sales on average (2013-17) increase from April by 9.2 percent. Condos selling in May averaged 106 days on the market. This is a significant improvement from one year ago, when condos averaged 128 days on the market.

Seeking balance: The inventory of condos for sale divided by the current monthly sales volume equals the number of months of housing supply. The market is considered to be in balance at approximately 6 months of supply. During May, the area had 4.9 months of condo supply, up from 4.6 months of supply last month and increasing from 3.8 months of supply one year ago.

Pricing: The Baldwin County condo median sales price in May was $310,000, up 9.2 percent from one year ago. The median sales price decreased 13.6 percent from the prior month. This month-over-month result is consistent with historical data trends from 2013-17 indicating that the May median sales price on average decreases 8.8 percent from April. ACRE highly recommends consulting with a real estate professional before making a purchase.

Industry perspective: In both Alabama and the United States, the spring home-buying season has been affected greatly by very low inventory levels. April residential listings decreased 10 percent in the state and decreased 6 percent nationwide from one year ago. Residential sales in Alabama, however, increased 16 percent from one year ago, which is impressive considering the 10 percent drop in inventory. Home price appreciation cooled off somewhat as the statewide median sales price increased 2 percent from one year ago, while it increased 7 percent during the first quarter of the year. Going forward, home sales prices are expected to continue their upward climb during the summer as inventory levels are likely to repeat the declines that were seen during the spring.

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.

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