Sales: According to the Baldwin Realtors Multiple Listing Service, Baldwin County condo sales, which include condos along the Gulf Coast, totaled 129 units during August, down 17.3% from 156 sales in the same month a year earlier. August sales were up 5.7% compared to 122 sales in July. Results were 6.7% below the five-year average of 138 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 737 units in August, an increase of 3.1% from August 2018’s 715 units and an increase of 4.2% from July 2019’s 707 units. August months of supply totaled 5.7 months, up 24.7% compared to August 2018’s 4.6 months of supply. August months of supply decreased 1.4% from July’s 5.8 months of supply.
Pricing: The Baldwin County condo median sales price in August was $362,000, an increase of 0.2% from one year ago and an increase of 3% 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 August was 91 days, an increase of 3.4% from 88 days in August 2018 and a decrease of 9.9% from July 2019.
Forecast: August sales were nine units, or 6.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 138 sales for the month, and actual sales were 129 units. ACRE forecast a total of 1,085 condo sales for Baldwin County year-to-date, while there were 1,056 actual sales through August.
ACRE’s statewide perspective: A strong late-summer buying season continued in August as total residential sales increased 7.5% year-over-year from 5,862 to 6,302 closed transactions. Year-to-date, sales are up 3.8% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in August increased 8.1% year-over-year, marking 22 consecutive months of gains. The statewide median sales price is up 4.7% year-to-date. While nationwide inventory levels (active listings) decreased 2.6% year-over-year, Alabama’s residential listings continue to tighten, decreasing 12.6% 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 not surprising to see homes selling at a slightly quicker pace than one year ago. Homes selling in Alabama during August spent an average of 86 days on the market, a decrease of nine days from August 2018.
NAR’s national perspective: After a 3.3% gain in July, existing home sales decreased 0.9% year-over-year in August from approximately 539,000 closed transactions one year ago to 534,000 currently. The nationwide median existing-home price increased 4.7% in August, marking 90 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “As expected, buyers are finding it hard to resist the current (mortgage) rates. The desire to take advantage of these promising conditions is leading more buyers to the market.” He continued, “Sales are up, but inventory numbers remain low and are thereby pushing up home prices. Homebuilders need to ramp up new housing, as the failure to increase construction will put home prices in danger of increasing at a faster pace than income.”
Click here to view the entire monthly report.
The Baldwin County Condo Monthly Report is developed in conjunction with the Baldwin Realtors to better serve both local and worldwide consumers interested in the beaches along Alabama’s Gulf Coast.