Baldwin condo median sales price up 5 percent from a year ago

Baldwin condo median sales price up 5 percent from a year ago
The number of condos sold was up 1 percent in October from a year ago. (file)

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 October, up .9 percent from 113 sales in the same month a year earlier. October sales were down 3.4 percent compared to 118 sales in September. Results were equal to the five-year average of 114 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 725 units, an increase of .6 percent from October 2017’s 721 units, and an increase of .4 percent from September 2018’s 722 units. October months of supply totaled 6.4 months, equal to October 2017’s 6.4 months of supply. However, October’s months of supply increased 3.9 percent from September’s 6.1 months of supply.

Pricing: The Baldwin County condo median sales price in October was $329,500, an increase of 5.3 percent from one year ago and an increase of 0.6 percent from the prior month. This direction is consistent with historical data (2013-17) indicating that the October median sales price on average increases from September by 1.8 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 October was 86 days, an increase of 3.6 percent from 83 days in October 2017 and an increase of 10.3 percent from 78 days in September.

Forecast: October sales were seven units or 5.8 percent below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 121 sales for the month, and actual sales were 114 units. ACRE forecast a total of 1,324 residential sales for Baldwin County condos year-to-date, while there were 1,340 actual sales through October.

ACRE’s statewide perspective: While nationwide sales declined during September, residential sales in Alabama continued to grow during the early fall of 2018. Total residential sales in Alabama increased 8.5 percent year-over-year from 4,678 to 5,074 closed transactions. Year-to-date through September, statewide residential sales are up 6.8 percent from 44,272 one year ago to 47,283 currently. Home price appreciation in the state grew but at a slower pace than in previous months. The median sales price in September increased 0.6 percent from $161,480 to $162,482 while the year-to-date median sales price is up 4.4 percent from 2017. Although nationwide inventory levels are starting to stabilize, Alabama’s residential inventory decreased 8.9 percent from one year ago. Low inventory levels were a major factor contributing to rising sales prices throughout 2018. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during September spent an average of 90 days on the market, an improvement of 18 days from 2017.

NAR’s national perspective: During September, nationwide sales volume for existing homes decreased 9.1 percent year-over-year from 462,000 to 420,000 closed transactions. According to Lawrence Yun, chief economist for the National Association of Realtors, rising interest rates played a significant role in September sales declines in markets across the nation. “This is the lowest existing home sales level since November 2015,” he said. “A decade’s high mortgage rates are preventing consumers from making quick decisions on home purchases. All the while, affordable home listings remain low, continuing to spur underperforming sales activity across the country.”

 

 

 

 

 

 

 

 

 

 

 

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.

Related Stories