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YTD Alabama Gulf Coast Real Estate in Baldwin County Alabama

Posted in: Market Reports
By Lucinda Briggs

YTD Gulf Coast condo sales up 8.4% compared to 2011: Reduction in Inventory hits milestone.  Year-to-date, condo sales in the Alabama Gulf Coast real estate market in Baldwin County experienced an 8.4 percent increase from the same period last year.  Gulf Coast condo sales have now risen 60.6 percent from the market sales tough set in August 2008.

Supply: Real estate Baldwin County condo inventory totaled 911 units, a decrease of 19.8 percent from August 2011 and 2.0 percent when compared to the prior month.  Historical data indicates that August inventory on average (’07-’11) decreases from the month of July by 3.6%. Condo inventory in August peaked in 2007 at 2,900 units. The inventory is now down 66% from peak. This is the first time since ACRE began collecting market data along the Gulf Coast (November 2005) that inventory went below 1,000 units, certainly a milestone worthy of recognition (see graph). In August, the months of condo supply stood at 9.3 months, a decrease of 18.3 percent from 11.4 months last August. In August 2007, it was 39.2 months of supply. Without question, this is progress and very positive news for Gulf Coast real estate.

Demand: Gulf Coast condo sales were 9.4 percent lower than the prior month.

Historical data trends reflect that condo sales, on average (’07-’11), decrease from the month of July by 3.6 percent.

Pricing: The Baldwin County condo median selling price in August was $227,000, an increase of 19.5 percent from last August. This figure also represents an increase of 4.6 percent when compared to the prior month.

Historical data trends ('07-'11) reflect August median condo selling price increasing from the month of July by 10.9 percent.  The median condo price still remains 31.2 percent below its month of August peak established in 2009.
As the condo market transitions into the third quarter of 2012, statistical volatility is anticipated.

For more information about property on the Mobile Bay and metropolitan region, contact Lucinda Briggs of RE/MAX by the Bay, at (251) 423-7127.

   

Parker CO

Lucinda Briggs
Re/Max By The Bay

Office
251-621-2588
Fax
 
251-625-3325
Cell/Text
 
251-423-7127

lucinda@lucindabriggs.com


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