Baldwin County August condo sales increase slightly from last year

Baldwin County August condo sales increase slightly from last year
The Baldwin County condo median sales price in July was $361,250. (iStock)

Sales: According to the Baldwin County Association of Realtors Multiple Listing Service, Baldwin County condo sales, which include condos along the Gulf Coast, totaled 156 units during July, up 2 percent from 153 sales in the same month a year earlier. August sales were up 17.3 percent compared to 133 sales in July. Results were 15.6 percent above the five-year August average of 135 sales. Two more resources to review: Quarterly Report and Annual Report.

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

Inventory: Baldwin County condo inventory totaled 715 units, a decrease of 3.8 percent from August 2017’s 743 units, and an increase of 3.2 percent from July 2018’s 693 units. August months of supply totaled 4.6 months, a decrease of 5.6 percent from August 2017’s 4.9 months of supply. Similarly, August’s months of supply decreased from July’s 5.2 months of supply.

Pricing: The Baldwin County condo median sales price in July was $361,250, a decrease of 3.7 percent from one year ago and an increase of 37.4 percent from the prior month. This direction is consistent with historical data (2013-17) indicating that the August median sales price on average increases from July by .1 percent. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood. The average number of days on the market (DOM) for condos sold during August was 88 days, a decrease of 16.2 percent from 105 days in August 2017 and an increase of 22.2 percent from 72 days in July.

Forecast: August sales were 18 units, or 13 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 138 sales for the month, while actual sales were 156 units. ACRE forecast a total of 1,085 residential sales for Baldwin County condos year-to-date, while there were 1,108 actual sales through August.

ACRE’s statewide perspective: Residential sales in Alabama continued to grow during the late summer of 2018. Total residential sales during July increased 7.9 percent year-over-year from 5,312 to 5,729 closed transactions. Year-to-date through July, statewide residential sales are up 7.1 percent from 33,929 one year ago to 36,354 currently. Home price appreciation in the state also continues its upward trajectory. The median sales price in July increased 5.9 percent from $160,279 to $169,727, while the year-to-date median sales price is up 5.3 percent from 2017. Mirroring national trends, statewide inventory decreased 12.1 percent from one year ago. Low inventory levels were a major factor contributing to rising sales prices during July. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during July spent an average of 86 days on the market, an improvement of 25 days from 2017.

NAR’s national perspective:  During July, nationwide sales volume for existing homes increased 1.8 percent year-over-year from 513,000 to 522,000 closed transactions. According to Lawrence Yun, chief economist for the National Association of Realtors, “Continuous solid gains in home prices have now steadily reduced demand. Led by a notable decrease in closings in the Northeast, existing home sales trailed off again last month, sliding to their slowest pace since February 2016 at 5.21 million (seasonally adjusted annual rate). Too many would-be buyers are either being priced out, or are deciding to postpone their search until more homes in their price range come onto the market.”

Click here to view the entire monthly report.

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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