Large increase in Baldwin County condo sales during December

Large increase in Baldwin County condo sales during December
The Baldwin County condo median sales price in December was $366,250, an increase of 13.4% from the same month a year earlier. (iStock)

Sales: According to the Baldwin Realtors, Baldwin County condo sales, which include condos along the Gulf Coast, totaled 146 units during December, up 50.5% from 97 sales in the same month a year earlier. December sales were up 22.7% compared to 119 sales in November. Results were 30.8% above the five-year average of 112 sales. Two more resources to review: Quarterly Report and Annual Report.

For all Baldwin County condo sales data, click here.

Inventory: Baldwin County condo listings totaled 636 units in December, a decrease of 8.4% from December 2018’s 694 units and a decrease of 3.6% from November 2019’s 660 units. December months of supply totaled 4.4 months, down 39.1% compared to December 2018’s 7.2 months of supply. December months of supply decreased 21.5% from November’s 5.5 months of supply.

Pricing: The Baldwin County condo median sales price in December was $366,250, an increase of 13.4% from one year ago and an increase of 8.7% 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 December was 116 days, an increase of 23.4% from 94 days in December 2018 and an increase of 58.9% from November 2019.

Forecast: December sales were 21 units, or 16.8%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 125 sales for the month, and actual sales were 146 units. ACRE forecast a total of 1,556 condo sales for Baldwin County during 2019, while there were 1,595 actual sales through December.

ACRE’s statewide perspective: Residential sales growth continued in November but at a slower pace, as total residential sales increased 0.8% year-over-year from 4,598 to 4,635 closed transactions. Year-to-date, sales are up 4.2% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in November increased 9.3% year-over-year, marking 25 consecutive months of gains. The statewide median sales price is up 5.8% year-to-date. While properties listed for sale nationwide decreased 5.7% year-over-year, Alabama’s residential listings continued to tighten, decreasing 10.5% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and continued into the fourth quarter 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 November spent an average of 92 days on the market, a decrease of one day from November 2018.

NAR’s national perspective: Existing-home sales declined slightly in November, decreasing 0.5% year-over-year from approximately 406,000 closed transactions one year ago to 402,000 currently. The nationwide median existing-home price increased 5.4% in November, marking 93 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “Sales will be choppy when inventory levels are low, but the economy is otherwise performing well, with more than 2 million job gains in the past year.” Properties listed for sale nationwide declined 5.7% in November from approximately 1.74 million listings one year ago to 1.64 million currently.

 

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.

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