Baldwin condo median sales price up significantly in November from a year ago

Baldwin condo median sales price up significantly in November from a year ago
The Baldwin County condo median sales price in November was $393,125, an increase of 24.8 percent from one year ago. (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 112 units during November, up 0.9 percent from 111 sales in the same month a year earlier. November sales were down 1.8 percent compared to 114 sales in October. Results were 3.1 percent above the five-year average of 109 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 718 units, an increase of 6.5 percent from November 2017’s 674 units and a decrease of 1 percent from October 2018’s 725 units. November months of supply totaled 6.4 months, up from November 2017’s 6.1 months of supply. November’s months of supply also increased 0.6 percent from October’s months of supply.

Pricing: The Baldwin County condo median sales price in November was $393,125, an increase of 24.8 percent from one year ago and an increase of 19.3 percent from the prior month. This direction is inconsistent with historical data (2013-17) indicating that the November median sales price on average decreases from October by 1.6 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 November was 101 days, a decrease of 9.8 percent from 112 days in November 2017 and an increase of 17.4 percent from 86 days in October.

Forecast: November sales were five units or 4.7 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 107 sales for the month, and actual sales were 112 units. ACRE forecast a total of 1,431 residential sales for Baldwin County condos year-to-date, while there were 1,452 actual sales through November.

ACRE’s statewide perspective: While nationwide sales declined 4.5 percent during November, residential sales in Alabama continued to grow. Total residential sales in Alabama increased 6.9 percent year-over-year from 4,311 to 4,606 closed transactions. Year-to-date through November, statewide residential sales are up 7 percent from 53,056 one year ago to 56,769 currently. Home price appreciation in the state continued to climb as the median sales price in November increased 3.2 percent year-over-year from $151,667 to $156,587. The year-to-date median sales price is up 4.7 percent from 2017. Although nationwide inventory levels increased 4.2 percent in November, Alabama’s residential inventory decreased 8.8 percent from one year ago. Low inventory levels were a major factor contributing to rising sales prices throughout 2018. With low inventory, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during November spent an average of 93 days on the market, an improvement of 24 days from 2017.

NAR’s national perspective: During November, nationwide inventory for existing homes increased 4.2 percent year-over-year from 1.67 million to 1.74 million residential listings. According to Lawrence Yun, chief economist for the National Association of Realtors, “the market conditions in November were mixed, with good signs of stabilizing home sales compared to recent months, though down significantly from one year ago. Rising inventory is clearly taming home price appreciation.”

 

 

 

 

 

 

 

 

 

 

 

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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