Click here to view or print the entire September 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 132 units in September. Year-to-date sales were 10 percent higher (1,214 units) than the same time last year (1,100 units). Sales increased 15 percent in September over the same time last year.

Forecast: September sales were 25 units, or 23 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s year-to-date sales forecast through September projected 1,042 closed transactions while the actual sales were 1,214 units, representing a cumulative increase of 16.5 percent.

Baldwin County year-to-date condo sales rise 10 percent in September over 2014. Supply decreased by 1.2 percent or 13 units from last September.

Supply: Baldwin County condo inventory totaled 1,032 units, a decrease of 1.2 percent, or 13 units, from September 2014. The inventory also decreased by 2.4 percent from the prior month. This direction is consistent with historical data indicating that September inventory on average (2010-14) decreases from August by 1.8 percent. Condo inventory during September peaked in 2010 at 1,594 units. The inventory is now down 35.3 percent from the peak. In September, the condo supply stood at 7.8 months, down from 9.0 the previous month and 9.1 in September 2014.

Demand: Condo sales increased 12 percent from the prior month. This direction contrasts with seasonal buying patterns and historical data trends that reflect September condo sales on average (2010-14) decrease from August by 20 percent.

Pricing: The Baldwin County condo median sales price in September was $251,750, an increase of 4 percent from last September. The median sales price also increased 8.3 percent from the prior month. This direction is consistent with historic data trends (2010-14) that reflect the September median condo sales price on average increases from August by 9.4 percent. The median condo sales price remains well higher (28.3 percent) than its lowest September price of $196,200 established in August 2012.

The average sales price for Baldwin County condos is up but well below 2013 peak.

Days on the market, on average, continues downward for Baldwin County condos.

A snap shot of sales to inventory ratio for Gulf Coast condos.

Supply relatively unchanged from 2012 in Baldwin County in September.

Median sales prices for Gulf Coast condos in September on the rise.

Months of supply continues downward toward equilibrium in September in Baldwin County.

A look at Baldwin County’s condo sales to inventory ratio.

Total sales for condos near 2005 peak of 466 in Baldwin County last month.

###

Bryan Davis is the research/media coordinator for the Alabama Center for Real Estate housed within the Culverhouse College of Commerce at the University of Alabama. He can be reached at 205-348-5416 or at bkdavis@culverhouse.ua.edu.

Baldwin County Condo Monthly Report is work product developed in conjunction with the Baldwin County Association of Realtors to better serve both local and worldwide consumers interested in the sandy white beaches along Alabama’s treasured gulf coast. The ACRE monthly report is provided to illustrate the “general” market direction & trends when comparing prior periods with the most current available condo data. Real estate is local and statistics will fluctuate between areas along the gulf coast including specific condo properties. ACRE recommends that you consult a local real estate professional for “specific” advice associated with the condo market in Baldwin County. The Alabama Center for Real Estate‘s core purpose is to advance the real estate industry in Alabama by providing relevant resources in the areas of research, education and outreach.

– See more at: https://alabamanewscenter.com/2015/10/13/tuscaloosa-september-home-sales-16-percent-2014/