Gulf Coast condo sales in May increase 8% from prior year
YTD sales up 13%
According to the Baldwin County Association of REALTORS MLS, Baldwin County condo sales, which include condos along the Gulf Coast in Gulf Shores and Orange Beach, totaled 153 units in May. Gulf Coast condo sales improved 7.7 percent from the same period a year earlier. Year-to-date sales through May 2015 are 12.9 percent above 2014.
Forecast: May sales were 13 units above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s year-to-date sales forecast through May projected 554 closed transactions while the actual sales were 674 units.
May 2015 condo inventory graph
Supply: Baldwin County condo inventory totaled 1,050 units, a decrease of 5.2 percent from May 2014. The inventory increased by 18 units or 1.7 percent from the prior month. This direction contrast with historical data indicating that May inventory on average (’10-’14) decreases from the month of April by .6%. Condo inventory during the month of May peaked in 2006 at 3,488 units. The inventory is now down 69.9 percent from the peak. In May, the months of condo supply stood at 6.9 months, a decrease of 12.0 percent from 7.8 months last May and a far cry from May 2006 when it was 68.9 months of supply.
Demand: Condo sales slipped 5.6 percent from a stronger than normal April. This direction contrast with seasonal buying patterns and historical data trends that reflect May condo sales on average (’10-’14) increase from the month of April by 3.4 percent.
Pricing: The Baldwin County condo median sales price in May was $261,000, an increase of 7.6 percent from last May. The median sales price did slip 2.8 percent from the prior month. This direction is consistent with historic data trends (’10-’14) that reflect the May median condo sales price on average decrease from the month of April by 7.0 percent. The median condo sales price is 59.9 percent above the month of May bottom of $163,250 established in 2011 (which was the year after oil spill).
See the entire report by clicking on the link below.