Gulf Coast condo market holds steady in March

Gulf Coast condo market holds steady in March
Baldwin County condo sales in March held steady compared with sales from a year earlier, while the median sales price increased. (Contributed)

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 122 units during March. Year-to-date sales are 26 units or 7 percent below the same period during 2015.

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

Forecast: March sales were 12 units or 9 percent below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s year-to-date sales forecast through March projected 331 closed transactions. Year-to-date sales are 333 units, a 0.6 percent favorable difference.

Year-to-date condo sales in Baldwin County are down 7.2 percent from the same period last year.
Year-to-date condo sales in Baldwin County are down 7.2 percent from the same period last year.

Supply: Baldwin County condo inventory totaled 916 units, a decrease of 8.5 percent, or 85 units, from March 2015. The inventory also increased by 1.4 percent from the prior month. This direction is consistent with historical data indicating that March inventory on average (2011-15) increases from February by 0.5 percent. Condo inventory during March peaked in 2011 at 1,301 units. The inventory is now down 29 percent from the peak. During March, the condo supply stood at 7.5 months, up from 6.7 during March 2015.

Demand: Condo sales were unchanged from the prior month.  Seasonal buying patterns and historical data trends reflect March condo sales on average (2011-15) increase from January by 21.7 percent.

Pricing: The Baldwin County condo median sales price in March was $278,750, up 2.1 percent from last March. The median sales price increased 14 percent from the prior month. This direction contrasts with historic data trends (2011-15) that reflect the March median condo sales price on average decreases from February by 6.3 percent.

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 beaches along Alabama’s gulf coast.

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