Baldwin County condo sales soar in March

Baldwin County condo sales soar in March
In March, the area's condo supply stood at 3.5 months, down from 7.5 months a year ago -- great news for sellers. (iStock)

Click here to view or print the entire monthly report compliments of the ACRE Corporate Cabinet.

Sales: According to the Baldwin County Association of Realtors Multiple Listing Service, Baldwin County condo sales, which include condos along the Gulf Coast, totaled 216 units during March, a 77 percent increase from March 2016’s 122 units.

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

Forecast: March sales were 144 units or 50 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2017 sales forecast through March projected 361 closed transactions. Actual sales were 451 units.

Supply: Baldwin County condo inventory totaled 752 units, a decrease of 18 percent from March 2016. The inventory was down 0.4 percent from the prior month. Historical patterns indicate that March inventory on average (2012-16) increases 1.5 percent from February. Condo inventory during March peaked in 2011 at 1,301 units. The inventory is down 42 percent from that peak. During March, the condo supply stood at 3.5 months, down from 7.5 months during March 2016.

Demand: Condo sales rose 90 percent from February. Seasonal buying patterns and historical data trends reflect March condo sales on average (2012-16) increase from February by 21 percent.

Pricing: The Baldwin County condo median sales price in March was $277,250, down 0.5 percent from last March. The median sales price decreased 4 percent from the prior month.

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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