Published On: 11.27.15 | 

By: Bryan Davis

Gulf Coast October year-to-date condo sales up 7.4 percent over last year

CondoFeature

Click here to view or print the entire October 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 99 units in October. Year-to-date sales were 7.4 percent higher (1,313 units) than the same time last year (1,222 units). Sales decreased 19 percent in October over the same time last year.

Forecast: October sales were 15 units, or 13 percent, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s year-to-date sales forecast through October projected 1,156 closed transactions while the actual sales were 1,313 units, representing a cumulative increase of 13.5 percent.

Historical sales

Year-to-date Baldwin County condo sales during October were up 7.4 percent in 2015, compared to the same period a year earlier.

Supply: Baldwin County condo inventory totaled 991 units, a decrease of 5.1 percent, or 53 units, from October 2014. The inventory also decreased by 4 percent from the prior month. This direction is consistent with historical data indicating that October inventory on average (2010-14) decreases from September by 1.2 percent. Condo inventory during October peaked in 2010 at 1,521 units. The inventory is now down 34.8 percent from the peak. In October, the condo supply stood at 10.0 months, up from 7.8 the previous month and 8.6 in October 2014.

Demand: Condo sales decreased 25 percent from the prior month. This direction contrasts with seasonal buying patterns and historical data trends that reflect October condo sales on average (2010-14) increase from September by 25.3 percent.

Pricing: The Baldwin County condo median sales price in October was $244,900, an increase of 0.9 percent from last October. The median sales price decreased 2.7 percent from the prior month. This direction contrasts with historic data trends (2010-14) that reflect the October median condo sales price on average increases from September by 2.1 percent. The median condo sales price remains well higher (18 percent) than its lowest October price of $207,500 established in October 2010.

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.