Sales: According to the Baldwin County Association of Realtors Multiple Listing Service, Baldwin County condo sales, which include condos along the Gulf Coast, totaled 124 units during June, down 10.8% from 139 sales in the same month a year earlier. June sales were down 27.9% compared to 172 sales in May. Results were 19.7% below the five-year average of 154 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 700 units in June, a decrease of 0.3% from June 2018’s 702 units and a decrease of 6.8% from May 2019’s 751 units. June months of supply totaled 5.6 months, up 11.8% compared to June 2018’s 5.1 months of supply. June months of supply increased 29.3% from May’s 4.4 months of supply.

Pricing: The Baldwin County condo median sales price in June was $391,500, an increase of 16.2% from one year ago and an increase of 4.5% from the prior month. This direction is consistent with historical data (2014-18) indicating that the June median sales price on average increases from May by 3%. 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 June was 86 days, a decrease of 6.5% from 92 days in June 2018 but an increase of 11.7% from May 2019.

Forecast: June sales were 28 units, or 18.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 152 sales for the month, and actual sales were 124 units. ACRE forecast a total of 799 condo sales for Baldwin County year-to-date, while there were 805 actual sales through June.

ACRE’s statewide perspective: Statewide residential sales decreased slightly in June, ending a five-month streak of year-over-year sales gains. This was the first such decline since December 2018 and only the fourth in the last two years. Statewide residential sales decreased 3.4% from 6,277 closed transactions in June 2018 to 6,063 in June 2019. Year-to-date, however, sales are up 1.8% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in June increased 7.3% year-over-year from $164,987 to $177,018. The statewide median sales price is up 4.1% year-to-date. While nationwide inventory levels (active listings) are stabilizing (equal to June 2018), Alabama’s residential listings decreased 9.7% 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 more quickly than in previous years. Homes selling in Alabama during June spent an average of 86 days on the market, an improvement of 14 days from June 2018.

NAR’s national perspective: After a small gain in May, existing home sales weakened in June. Nationwide residential sales decreased 7.5% from approximately 570,000 closed transactions one year ago to 527,000 currently. The nationwide median existing-home price increased 4.4% in June, marking 88 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of REALTORS, said, “Home sales are running at a pace similar to 2015 levels – even with exceptionally low mortgage rates, a record number of jobs and a record high net worth in the country.” Yun said there is a housing shortage across the country and more inventory is needed, especially in the entry-level price range. “Imbalance persists for mid- to lower-priced homes with solid demand and insufficient supply, which is consequently pushing up home prices,” he said.

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.