Sales: According to the Baldwin County Association of Realtors Multiple Listing Service, Baldwin County condo sales, which include condos along the Gulf Coast, totaled 118 units during September, up 1.7 percent from 116 sales in the same month a year earlier. September sales were down 24.4 percent compared to 156 sales in August. Results were constant with the five-year September average of 118 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 722 units, a decrease of .7 percent from September 2017’s 727 units, and an increase of 1 percent from August 2018’s 715 units. September months of supply totaled 6.1 months, a decrease of 2.4 percent from September 2017’s 6.3 months of supply. However, September’s months of supply increased 33.5 percent from August’s 4.6 months of supply.

Pricing: The Baldwin County condo median sales price in September was $327,500, an increase of 9.2 percent from one year ago and a decrease of 9.3 percent from the prior month. This direction is inconsistent with historical data (2013-17) indicating that the September median sales price on average increases from August by 2.4 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 September was 78 days, a decrease of 38.6 percent from 127 days in September 2017 and a decrease of 11.4 percent from 88 days in August.

Forecast: September sales were equal to the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 118 sales for the month, and actual sales were 118 units. ACRE forecast a total of 1,203 residential sales for Baldwin County condos year-to-date, while there were 1,226 actual sales through September.

ACRE’s statewide perspective: Residential sales in Alabama continued to grow during the late summer of 2018. Total residential sales during August increased 3.5 percent year-over-year from 5,664 to 5,862 closed transactions. Year-to-date through August, statewide residential sales are up 6.6 percent from 39,594 one year ago to 42,209. Home price appreciation in the state also continues its upward trajectory. The median sales price in August increased 2.9 percent from $158,059 to $162,711, while the year-to-date median sales price is up 4.9 percent from 2017. Although nationwide inventory levels are starting to stabilize, Alabama’s residential inventory decreased 11.4 percent from one year ago. Low inventory levels were a major factor contributing to rising sales prices during August. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during August spent an average of 95 days on the market, an improvement of 22 days from 2017.

NAR’s national perspective: During August, nationwide sales volume for existing homes increased 0.7 percent year-over-year from 535,000 to 539,000 closed transactions. According to Lawrence Yun, chief economist for the National Association of Realtors, “Strong gains in the Northeast and a moderate uptick in the Midwest helped to balance out any losses in the South and West, halting months of downward momentum. With inventory stabilizing and modestly rising, buyers appear ready to step back into 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.