Gulf Coast condo sales through October up 3 percent over same period in 2015

Gulf Coast condo sales through October up 3 percent over same period in 2015
Condo sales in October also rose 16 percent from September, defying historical trends in Baldwin County. (iStock)

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 126 units during October, a 27 percent increase from October 2015. Year-to-date sales are eight units or 2.8 percent above the same period during 2015.

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

Condo sales in Baldwin County rose 27 percent in October, compared to the same period in 2015.
Condo sales in Baldwin County rose 27 percent in October, compared to the same period in 2015.

Forecast: October sales were right on target with the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s year-to-date sales forecast through October projected 1,325 closed transactions. Year-to-date actual sales are 1,350 units, a 2 percent favorable difference.

Supply: Baldwin County condo inventory totaled 813 units, a decrease of 18 percent, or 178 units, from October 2015. The inventory was down 5 percent from the prior month. Historical patterns indicate that October inventory on average (2011-15) decreases 1.6 percent from September. Condo inventory during October peaked in 2011 at 1,521 units. The inventory is now down 47 percent from the peak. During October, the condo supply stood at 6.5 months, down from 10 months during October 2015.

Demand: Condo sales rose 16 percent from September. Seasonal buying patterns and historical data trends reflect October condo sales on average (2011-15) decrease from September by 2.8 percent.

Pricing: The Baldwin County condo median sales price in October was $281,500, up 15 percent from last October. The median sales price increased 4 percent from the prior month. This direction is consistent with historical data trends (2011-15) that reflect the October median condo sales price on average increases from September by 4.2 percent.

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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