Gulf Coast condo sales through November up 2 percent over same period in 2015
The Baldwin County condo median sales price in November was up 34 percent from last November. (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 121 units during November, a 4 percent decrease from November 2015. Year-to-date sales are eight units or 2.3 percent above the same period during 2015.
For all of Baldwin County’s condo sales data, click here.
Year-to-date condo sales in Baldwin County were up 2.3 percent through November compared to 2015.
Forecast: November sales were 14 units or 13 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s year-to-date sales forecast through November projected 1,432 closed transactions. Year-to-date actual sales are 1,471 units, a 2 percent favorable difference.
Supply: Baldwin County condo inventory totaled 803 units, a decrease of 14.7 percent, or 138 units, from November 2015. The inventory was down 1 percent from the prior month. Historical patterns indicate that November inventory on average (2011-15) decreases 2.1 percent from October. Condo inventory during November peaked in 2011 at 1,141 units. The inventory is now down 30 percent from the peak. During November, the condo supply stood at 6.6 months, down from 7.5 months during November 2015.
Demand: Condo sales slipped 4 percent from October. Seasonal buying patterns and historical data trends reflect November condo sales on average (2011-15) decrease from October by 10.3 percent.
Pricing: The Baldwin County condo median sales price in November was $309,900, up 34 percent from last November. The median sales price increased 10 percent from the prior month. This direction contrasts with historical data trends (2011-15) that reflect the November median condo sales price on average decreases from October by 1.5 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.
