Sales: According to the Baldwin County Association of Realtors Multiple Listing Service, Baldwin County condo sales, which include condos along the Gulf Coast, totaled 179 units during March, up 18.5 percent from 151 sales in the same month a year earlier. March sales were up 92.5 percent compared to 93 sales in February. Results were 19.8 percent above the five-year average of 149 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 760 units in March, an increase of 0.7 percent from March 2018’s 755 units and an increase of 2.8 percent from February 2019’s 739 units. March months of supply totaled 4.2 months, down 15.1 percent from March 2018’s 5 months of supply. March’s months of supply decreased 46.6 percent from February’s 7.9 months of supply.
Pricing: The Baldwin County condo median sales price in March was $395,000, an increase of 25.4 percent from one year ago and an increase of 5.3 percent from the prior month. This direction is consistent with historical data (2014-18) indicating that the March median sales price on average increases from January by 1.3 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 March was 85 days, a decrease of 5.6 percent from 90 days in March 2018 and constant with 85 days in February.
Forecast: March sales were 40 units, or 28.8 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 139 sales for the month, and actual sales were 179 units. ACRE forecast a total of 338 residential sales for Baldwin County condos year-to-date, while there were 345 actual sales through March.
ACRE’s statewide perspective: Statewide residential sales in February increased 10.9 percent year-over-year from 3,807 to 4,222 closed transactions. Year-to-date sales increased 6.4 percent from 2018. Home price appreciation in the state continued to climb, but at a slower pace, as the median sales price in February increased 3 percent year-over-year from $152,771 to $157,319. The statewide median sales price is also up 4.2 percent year-to-date. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 8.9 percent from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and in the early months of 2019. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during February spent an average of 99 days on the market, an improvement of 27 days from February 2018.
NAR’s national perspective: During February, total existing-home sales nationwide declined 2.2 percent from approximately 319,000 closed transactions one year ago to 312,000 currently. The nationwide median existing-home price increased 3.6 percent in February, marking 84 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “It is very welcoming to see more inventory showing up in the market. For sustained growth, significant construction of moderately priced homes is still needed. More construction will help boost local economies and more home sales will help lessen wealth inequality as more households can enjoy in housing wealth gains.”
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.
