Sales: According to the Baldwin Realtors, February condominium sales increased 22.6% year-over-year from 93 to 114 closed transactions. Following seasonal trends, February’s sales increased 7.5% from January. Results were 1.2% above the 5-year January average of 113 sales. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s condominium data, click here.
Inventory: Total condos listed for sale in February declined 16.4% year-over-year from 739 to 618 listings. The market currently has 5.4 months of supply, down 32% from 7.9 months of supply in February 2020.
Pricing: The Baldwin County condo median sales price in February was $344,750, a decrease of 8.1% from one year ago and a decrease of 18.4% from the prior month. This direction is inconsistent with historical data (2015-2019) indicating that the February median sales price on average increases from January by 4.4%. 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 February was 95 days, up 11.8% from 85 days one year ago and down 12% from 108 days in January 2020.
Forecast: February sales were 14 units, or 10.94%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 128 sales for the month, while actual sales were 114 units.
Click here to view the entire monthly report.
The Baldwin County Condominium Monthly Report is developed in conjunction with the Baldwin Realtors to better serve Gulf Coast consumers.
