Sales: According to the Baldwin County Association of Realtors Multiple Listing Service, Baldwin County condo sales, which include condos along the Gulf Coast, totaled 93 units during February, down 17.7 percent from 113 sales in the same month a year earlier. February sales were up 27.4 percent compared to 73 sales in January. Results were 22.2 percent below the five-year average of 120 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 739 units in February, an increase of 4.7 percent from February 2018’s 706 units and an increase of 0.1 percent from January 2019’s 738 units. February months of supply totaled 7.9 months, up 27.2 percent from February 2018’s 6.2 months of supply. February’s months of supply decreased 21.4 percent from January’s 10.1 months of supply.

Pricing: The Baldwin County condo median sales price in February was $375,000, an increase of 13.6 percent from one year ago and also an increase of 13.6 percent from the prior month. This direction is inconsistent with historical data (2013-17) indicating that the February median sales price on average decreases from January by 2 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 February was 85 days, an increase of 10.4 percent from 77 days in February 2018 and constant with 85 days in January.

Forecast: February sales were 15 units, or 13.9 percent, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 108 sales for the month, and actual sales were 93 units. ACRE forecast a total of 199 residential sales for Baldwin County condos year-to-date, while there were 166 actual sales through February.

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.