March condo sales along the Alabama's gulf coast in Baldwin County experienced an 37.9 percent increase when compared to last March. Gulf coast condo sales have now risen 60 percent for the market sales trough set in March 2007 (see chart).
Year-to-date (YTD) condo sales during the first quarter have also increased by 7.7 percent.
Supply: Baldwin County condo inventory totaled 1,069 units, a decrease of 17.8 percent from this time last year and a 1.1 percent decline when compared to the prior month. Historical data indicates that March inventory on average (’07-’11) traditionally increases from the month of February by .9 percent.
Demand: Gulf coast condo sales were 34.9 percent higher than the prior month. This movement mirrors historical data indicating that condo sales, on average (’07-’11), traditionally increase from the month of February by 35 percent.
The general consensus among market experts along the coast is this trend should continue as the market enters the peak spring/summer buying season. There remains a significant of pent up demand as buyers since 2007 have taken a cautious approach, especially immediately following the oil spill. With each passing month, positive market momentum is being revealed in the condo statistics that reflect a much more confident market. Of course, low interest rates and very attractive pricing certainly provide an incentive to point your toes in the water.
Pricing: The Baldwin County condo median selling price in March was $239,600, an increase of 31.3 percent from last March which represented the market's bottom in terms of pricing during the month of March. This figure represents also represents an increase of 4.2 percent when compared to the prior month. Historical data ('07-'11) indicates that the March median condo selling price traditionally increase from the month of February by 10.5 percent. The median condo price is 16.5 percent of its March peak established in March 2007. See graph in actual report for more details.
As the condo market enters the second quarter of 2012, statistical volatility is anticipated. With that said, the recent positive trends should continue as the market transitions into its peak spring/summer buying season.
View the current monthly Baldwin County (Gulf Coast) Condo Report here.
The 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 condo data available. Real estate is local and statistics will fluctate 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.
About ACRE. ACRE was founded in 1996 by the Alabama Real Estate Commission, the Alabama Association of REALTORS and the Office of the Dean, UA Culverhouse College of Commerce. ACRE is not a state-funded entity, rather its operates in part because of the goodwill & generosity of our statewide ACRE Partners.