Sales: According to the Baldwin County Association of Realtors Multiple Listing Service, Baldwin County condo sales, which include condos along the Gulf Coast, totaled 73 units during January, down 27.7 percent from 101 sales in the same month a year earlier. January sales were down 24.7 percent compared to 97 sales in December. Results were 25.1 percent below the five-year average of 97 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 738 units in January, an increase of 3.5 percent from January 2018’s 713 units and an increase of 6.3 percent from December 2018’s 694 units. January months of supply totaled 10.1 months, up 43.2 percent from January 2018’s 7.1 months of supply. January’s months of supply also increased 41.3 percent from December’s 7.2 months of supply.

Pricing: The Baldwin County condo median sales price in January was $330,000, an increase of 6.5 percent from one year ago and an increase of 2.2 percent from the prior month. This direction is inconsistent with historical data (2014-18) indicating that the January median sales price on average decreases from December by 5.3 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 January was 85 days, a decrease of 8.6 percent from 93 days in January 2018 and a decrease of 9.6 percent from 94 days in December.

Forecast: January sales were 18 units, or 19.8 percent, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 91 sales for the month, and actual sales were 73 units. ACRE forecast a total of 1,556 residential sales for Baldwin County condos in 2019, while there were 1,549 sales in 2018.

ACRE’s statewide perspective: After a strong 2018, statewide residential sales in January increased 1.1 percent year-over-year from 3,320 to 3,358 closed transactions. Home price appreciation in the state continued to climb as the median sales price in January increased 5.5 percent year-over-year from $143,152 to $151,015. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 7.4 percent from one year ago. Low inventory levels were a significant 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 January spent an average of 106 days on the market, an improvement of 10 days from 2018.

NAR’s national perspective: During January, total existing-home sales nationwide declined 9 percent from approximately 313,000 closed transactions one year ago to 285,000 currently. Lawrence Yun, chief economist for the National Association of Realtors, said, “Existing home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low. Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months.”

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.