Baldwin County Condo sales, primarily condominiums located in Gulf Shores and Orange Beach on the Alabama Gulf Coast, totaled 122 units in October, an increase in sales growth of 5.2 percent from the same period a year earlier. Year-to-date condominium sales are 1.7 percent above the same period last year.
Inventory: Baldwin County condos available on the market totaled 1,044 units, an increase of 8.1 percent from October 2013 – the first increase in inventory in October in the last five years. The inventory decreased by 1 unit or .1 percent from the prior month. Historical data indicates that October inventory on average (2009-2013) decreases from the month of September by 1.6%. Condo inventory during the month of October peaked in 2006 at 3,119 units. The inventory is now down 66.5 percent from the peak. In October, the months of condo supply stood at 8.6 months, an unfavorable increase of 2.8 percent from 8.3 months last October but a far cry from October 2006, when it was 52.9 months of supply.
Demand: Condo sales increased 6.1 percent from last month. This direction is consistent with seasonal buying patterns and historical data trends that reflect October condo sales, on average (2009-2013), increase from the month of September by 20.1 percent. Condo sales in October were 9 units below the number predicted for the month.
Pricing: The median sales price for condominiums in Baldwin County in October was $242,750, a decline of 24.0 percent from last October. The median sales price was .3 percent higher than the prior month. This change is consistent with historical data trends that indicates the October median condo sales price typically increase from the month of September by .3 percent. The median condo price is 17.0 percent above the month of October bottom of $207,500 established in 2010.
As the condo market transitions through the fourth quarter of 2014 and into next year, statistical volatility should be anticipated.
For information on Real Estate in Gulf Shores & Orange Beach AL, contact –
Malcolm Bond – The Buyer Agent : Representing Real Estate Investors Exclusively