Baldwin County condo sales prices up in February from a year ago

Baldwin County condo sales prices up in February from a year ago
The Baldwin condo market continues to reduce its inventory and make significant progress toward balance between buyers and sellers. (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 114 units during February, a 6.6 percent decrease from February 2016’s 122 units.

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

Condo sales in Baldwin County during February fell by eight units compared to 2016.

Forecast: February sales were six units or 8 percent below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2017 sales forecast through February projected 217 closed transactions. Actual sales were 235 units.

Supply: Baldwin County condo inventory totaled 755 units, a decrease of 16.4 percent, or 148 units, from February 2016. The inventory was up 8.2 percent from the prior month. Historical patterns indicate that February inventory on average (2012-16) increases 2 percent from January. Condo inventory during February peaked in 2011 at 1,348 units. The inventory is down 44 percent from the peak. During February, the condo supply stood at 6.6 months, down from 7.4 months during February 2016.

Demand: Condo sales fell 6 percent from January. Seasonal buying patterns and historical data trends reflect February condo sales on average (2012-16) increase from January by 30 percent.

Pricing: The Baldwin County condo median sales price in February was $289,100, up 18 percent from last February. The median sales price decreased 0.3 percent from the prior month.

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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