Sales: According to the Baldwin County Association of Realtors Multiple Listing Service, Baldwin County condo sales, which include condos along the Gulf Coast, totaled 164 units during April, up 1.2 percent from 162 sales in the same month a year earlier. April sales were down 8.4 percent compared to 179 sales in March. Results were 7.3 percent above the five-year average of 153 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 756 units in April , an increase of 1.2 percent from April 2018’s 747 units and a decrease of 0.5 percent from March 2019’s 760 units. April months of supply totaled 4.6 months, equivalent to April 2018’s months of supply. April months of supply increased 8.6 percent from March’s 4.2 months of supply.
Pricing: The Baldwin County condo median sales price in April was $347,500, a decrease of 3.1 percent from one year ago and also a decrease of 12 percent from the prior month. This direction is inconsistent with historical data (2014-18) indicating that the April median sales price on average increases from March by 4.8 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 April was 92 days, an increase of 29.6 percent from 71 days in April 2018 and an increase of 8.2 percent from March 2019.
Forecast: April sales were 16 units, or 10.8 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 148 sales for the month, and actual sales were 164 units. ACRE forecast a total of 486 residential sales for Baldwin County condos year-to-date, while there were 509 actual sales through April.
ACRE’s statewide perspective: While nationwide residential sales dropped 1 percent in April, demand for housing in Alabama remained strong. Statewide residential sales increased 4.4 percent from 5,574 closed transactions in April 2018 to 5,820 in April 2019. Year-to-date, sales increased 3.8 percent from 2018. Home price appreciation in the state continued to climb as the median sales price in April increased 3.2 percent year-over-year from $155,250 to $160,283. The statewide median sales price is also up 3.2 percent year-to-date. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 10.7 percent from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and in the spring buying season 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 April spent an average of 93 days on the market, an improvement of three days from April 2018.
NAR’s national perspective: During April, total existing-home sales nationwide declined 1.1 percent from approximately 460,000 closed transactions one year ago to 455,000 currently. The nationwide median existing-home price increased 3.6 percent in April, marking 86 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “First, we are seeing historically low mortgage rates combined with a pent-up demand to buy, so buyers will look to take advantage of these conditions. Also, job creation is improving, causing wage growth to align with home price growth, which helps affordability and will help spur more home sales.”
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.