Sales: According to the Baldwin County Association of Realtors Multiple Listing Service, Baldwin County condo sales, which include condos along the Gulf Coast, totaled 122 units during July, down 8.3% from 133 sales in the same month a year earlier. July sales were down 1.6% compared to 124 sales in June. Results were 18.6% below the five-year average of 150 sales. Two more resources to review: Quarterly Report and Annual Report.
For all Baldwin County condo sales data, click here.
Inventory: Baldwin County condo inventory totaled 707 units in July, an increase of 2% from July 2018’s 693 units and an increase of 1% from June 2019’s 700 units. July months of supply totaled 5.8 months, up 11.2% compared to July 2018’s 5.2 months of supply. July months of supply increased 2.7% from June’s 5.6 months of supply.
Pricing: The Baldwin County condo median sales price in July was $351,500, an increase of 33.7% from one year ago and an increase of 10.2% from the prior month. 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 July was 101 days, an increase of 40.3% from 72 days in July 2018 and an increase of 17.4% from June 2019.
Forecast: July sales were 26 units, or 17.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 148 sales for the month, and actual sales were 122 units. ACRE forecast a total of 947 condo sales for Baldwin County year-to-date, while there were 927 actual sales through July.
ACRE’s statewide perspective: After a slight decline in June, statewide residential sales rebounded in July, increasing 10.2% from 5,722 closed transactions in July 2018 to 6,307 in July 2019. Year-to-date, sales are up 3.1% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in July increased 4.6% year-over-year from $169,178 to $176,926. The statewide median sales price is up 4.2% year-to-date. While nationwide inventory levels (active listings) decreased 1.6% year-over-year, Alabama’s residential listings continue to tighten, decreasing 9.9% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and in the summer buying season of 2019. With low inventory levels, it is surprising to see homes selling at a slightly slower pace than one year ago. Homes selling in Alabama during July spent an average of 89 days on the market, an increase of three days from July 2018.
NAR’s national perspective: After a 7.4% drop in June, existing home sales strengthened in July. Nationwide residential sales increased 3.3% from approximately 523,000 closed transactions one year ago to 540,000 currently. The nationwide median existing-home price increased 4.3% in July, marking 89 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “Falling mortgage rates are improving housing affordability and nudging buyers into the market.” However, he added that the supply of affordable housing is low across the nation. “The shortage of lower-priced homes has markedly pushed up home prices.”
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.