Baldwin County October condo sales up 21% from prior year

Baldwin County October condo sales up 21% from prior year
The Baldwin County condo median sales price in October was $336,500, an increase of 2.1% from one year ago. (iStock)

Sales: According to the Baldwin Realtors, Baldwin County condo sales, which include condos along the Gulf Coast, totaled 138 units during October, up 21.1% from 114 sales in the same month a year earlier. October sales were up 1.5% compared to 136 sales in September. Results were 21.7% above the five-year average of 113 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 692 units in October, a decrease of 4.6% from October 2018’s 725 units and a decrease of 5.9% from September 2019’s 735 units. October months of supply totaled 5 months, down 21.2% compared to October 2018’s 6.4 months of supply. October months of supply decreased 7.2% from September’s 5.4 months of supply.

Pricing: The Baldwin County condo median sales price in October was $336,500, an increase of 2.1% from one year ago and a decrease of 8.9% 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 October was 138 days, an increase of 60.5% from 86 days in October 2018 and an increase of 66.3% from September 2019.

Forecast: October sales were 17 units, or 14.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 121 sales for the month, and actual sales were 138 units. ACRE forecast a total of 1,324 condo sales for Baldwin County year-to-date, while there were 1,330 actual sales through October.

ACRE’s statewide perspective: Residential sales growth continued in September as total residential sales increased 8.7% year-over-year from 5,069 to 5,510 closed transactions. Year-to-date, sales are up 4.3% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in September increased 7% year-over-year, marking 23 consecutive months of gains. The statewide median sales price is up 4.3% year-to-date. While nationwide inventory levels (active listings) decreased 2.7% year-over-year, Alabama’s residential listings continue to tighten, decreasing 9.7% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and continued into the third 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 September spent an average of 82 days on the market, a decrease of eight days from September 2018.

NAR’s national perspective: Existing home sales rebounded in September, increasing 7.4% year-over-year from approximately 421,000 closed transactions one year ago to 452,000 currently. The nationwide median existing-home price increased 5.9% in September, marking 91 consecutive months of year-over-year gains. John Smamby, president of the National Association of Realtors, said, “For families on the sidelines thinking about buying a home, current rates are making the climate extremely favorable in markets across the country. These traditionally low rates make it that much easier to qualify for a mortgage, and they also open up various housing selections to buyers everywhere.”

 

 

 

 

 

 

 

 

 

 

 

 

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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