Baldwin County condo sales, which include condos along the Gulf Coast, totaled 152 units in June, a significant improvement in sales growth of 18.8 percent from last June. It also represents the best June since the Center began collecting data in 2006 and likely the most closed units ever for the month of June (we cannot definitively confirm as a matter of fact). Year-to-date condo sales are 7.9 percent above the same period in 2013.
Supply: Baldwin County condo inventory totaled 1,125 units, an increase of 16.7 percent from June 2013. This is the first increase in inventory in June in the last five years. Sellers are more confident in market due to improvement in pricing - translation, expect more listings to select from in the future. In addition, the inventory increased by 17 units or 1.5 percent from the prior month. Historical data indicates that June inventory on average (2009-2013) decreases from the month of May by 1.0%. Condo inventory during the month of June peaked in 2007 at 3,069 units. The inventory is now down 39.3% from the peak. In June, the months of condo supply stood at 7.4 months, a favorable decline of 1.7 percent from 7.5 months last June but a far cry from June 2006, when it was 62.3 months of supply.
Demand: Condo sales improved 7.0 percent from the prior month. This direction contrast with historical data trends that reflect June condo sales, on average (2009-2013), decrease from the month of May by 6.9 percent. Condo sales in June were 2 units above of our monthly forecast.
Pricing: The Baldwin County condo median sales price in June was $226,500, a slip of 10.2 percent from last June. The median sales price was 6.8 percent lower than the prior month. This direction contrast with historical data trends (2009-2013) that reflect that the June median condo sales price typically increase from the month of May by .8 percent. The median condo price is 15.9 percent above the month of June bottom of $195,000 established in 2011.
As the condo market transitions through the balance of 2014, gradual growth in the rate of sales and pricing is anticipated. Statistical volatility should also still be expected.
View the current monthly Baldwin County (Gulf Coast) Condo Report here compliments of the ACRE Corporate Cabinet.
2013 Gulf Coast Condo Market Recap - Sales Up 15%
Baldwin County Condo Monthly Report is work product developed in conjunction with the Baldwin County Association of REALTORS to better serve both local and worldwide consumers interested in the sandy white beaches along Alabama's treasured gulf coast. The ACRE monthly report is provided to illustrate the "general" market direction & trends when comparing prior periods with the most current available condo data. Real estate is local and statistics will fluctuate between areas along the gulf coast including specific condo properties. ACRE recommends that you consult a local real estate professional for "specific" advice associated with the condo market in Baldwin County.
The Alabama Center for Real Estate's core purpose is to advance the real estate industry in Alabama by providing relevant resources in the areas of research, education and outreach.
ACRE was founded by legislative act in 1996 due to the efforts of the Alabama Real Estate Commission, the Alabama Association of REALTORS and the Office of the Dean, UA Culverhouse College of Commerce to serve the State of Alabama real estate industry and the consumers it serves. ACRE is not a state-funded entity, rather its operates in part because of the goodwill & generosity of Alabama real estate licensees, the ACRE Corporate Cabinet and our statewide ACRE Partners.
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