Baldwin County median condo sales price up 21% from one year ago

Baldwin County median condo sales price up 21% from one year ago
The number of condos sold in Baldwin County during May represented a 12.4% increase from the number sold in the same month last year. (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 172 units during May, up 12.4% from 153 sales in the same month a year earlier. May sales were up 4.9% compared to 164 sales in April. Results were 6.2% above the five-year average of 162 sales. Two more resources to review: Quarterly Report and Annual Report.

For all of Baldwin County condo sales data, click here.

Inventory: Baldwin County condo inventory totaled 751 units in May, a decrease of 0.5% from May 2018’s 755 units and a decrease of 0.7% from April 2019’s 755 units. May months of supply totaled 4.4 months, down 11.5% compared to May 2018’s months of supply. May months of supply decreased 5.3% from April’s 4.6 months of supply.

Pricing: The Baldwin County condo median sales price in May was $347,500, an increase of 20.8% from one year ago and an increase of 7.8% from the prior month. This direction is inconsistent with historical data (2014-18) indicating that the May median sales price on average decreases from April by 27.9%. 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 May was 77 days, a decrease of 27.4% from 106 days in May 2018 and a decrease of 16.3% from April 2019.

Forecast: May sales were 11 units, or 6.8%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 161 sales for the month, and actual sales were 172 units. ACRE forecast a total of 647 residential sales for Baldwin County condos year-to-date, while there were 681 actual sales through May.

ACRE’s statewide perspective: While nationwide residential sales dropped 1% in April, demand for housing in Alabama remained strong. Statewide residential sales increased 4.4% from 5,574 closed transactions in April 2018 to 5,820 in April 2019. Year-to-date, sales increased 3.8% from 2018. Home price appreciation in the state continued to climb as the median sales price in April increased 3.2% year-over-year from $155,250 to $160,283. The statewide median sales price is also up 3.2% year-to-date. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 10.7% 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% from approximately 460,000 closed transactions one year ago to 455,000 currently. The nationwide median existing-home price increased 3.6% 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.

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