Baldwin County Condo Report January 2019

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1 Baldwin County Condo Report January 2019 Total Condo Sales Current Month January vs. Prior Month December % vs. Last Year January % vs. 5-Yr Avg January 14-' % Baldwin condo sales for January '19 totaled 73 units, representing a 27.7 percent decrease when compared to the 101 units that were sold in January '18. vs. Peak January % vs. Trough January % Year to Date January vs.prior Year January % Baldwin Condos: Total Sales ACRE Commentary Historical Home Sales Graph: January Historical data indicates that January condo sales on average January (By Month) ( 14-18) decrease from December by 19.6 percent. The current January month's sales decreased 24.7 percent from the previous month." January January January Year Avg: Year Avg: 104 Median Sales Price Current Month January ,000 vs. Prior Month December , % vs. Last Year January , % vs. 5-Yr Avg January 14-'18 295,7 11.6% The median sales price for Baldwin County condominiums in January 2019 was $333,000, a 6.5 percent increase from January 2018's median sales price of $310,000. Year to Date January ,000 vs.prior Year January , % Baldwin Condos: Median Sales Price $400, ,7 $3,000 $300,000 $2, ,2 330,000 Median Peak January ,7-10.5% Trough January ,0 67.9% $200,000 $, ,0 ACRE Commentary Historical Median Selling Price Graph: January Historical data indicates that January median sales prices on (By Month) January ,000 average ( 14-18) decrease 5.3 percent from the month of December. The current month's median price increased by 2.2 January ,000 percent from the prior month." January ,000 January ,000 January ,7 5- Year Avg: 295,7 3- Year Avg: 285,000 Page 1 of 5

2 Average Sales Prices Current Month January ,730 vs. Prior Month December , % vs. Last Year January , % vs. 5-Yr Avg January 14-'18 331, % The average sales price for Baldwin County condominiums for January 2019 was $420,730, a 15.5 percent increase from January 2018's average sales price of $364,263. Year to Date January ,730 vs.prior Year January , % Average Peak January , % Trough January , % Baldwin Condos: Average Sales Price $5,000 $0,000 $4,000 $400, ,394 $3,000 $300,000 $2,000 $200, , ,730 $,000 ACRE Commentary Historical data indicates that January average condo sales prices Historical Average Selling Price Graph: January (By Month) on average ( 14-18) decrease 4.1 percent from the month of January ,263 December. The current average price increased 11.3 percent from January ,752 the prior month." January ,365 January ,998 January ,179 5-Year Avg: 331, Year Avg: 316,460 Days on Market (DOM) Current Month January vs. Prior Month December % vs. Last Year January % vs. 5-Yr Avg January 14-' % The average number of days that a Baldwin County condominium was on the market in January 2019 was 85, representing an 8.6 percent decrease from 93 days on the market in January Year to Date January vs.prior Year January % Baldwin Condos: Average Days on Market ACRE Commentary Historical Average DOM Graph: January The 5-year DOM average ( 14-18) for the month of January is 138 days, which is 53 days above the current results. DOM is anticipated to remain within the current range ( days) for the foreseeable future. January (By Month) January January January January Year Avg: 138 Page 2 of 5

3 Total Condos Listed for Sale Current Month January vs. Prior Month December % vs. Last Year January % vs. 5-Yr Avg January 14-' % Baldwin County condominiums available for sale in January 2019 increased by 25 units when compared to the 713 condos listed for sale during the same period last year. Inventory Peak January , % Trough January % Baldwin Condos: Total Inventory for Sale 2, 1,971 1,900 1,700 1,0 1,300 1, ACRE Commentary Historical Total Homes Listed Graph: January Historical data indicates that January condo inventory on average ( 14-18) increases from December by 2.0 percent. The current month's inventory increased 6.3 percent from the prior month. January (By Month) January January January January Year Avg: 852 Inventory-to-Sales Ratio Current Month January vs. Prior Month December % vs. Last Year January % vs. 5-Yr Avg January 14-' % The inventory of condos for sale divided by the current monthly sales volume equals the # of months of condo supply (Market considered to be in balance at approximately 6-7 months). Baldwin County Condos currently has 10.1 months of supply, up from the 7.2 months in December 2018 and up from 7.1 months in January I/S Ratio Peak January % Trough January % Baldwin Condos: Months of Supply ACRE Commentary Historical I/S Ratio Graph: January "January's 10.1 months of supply is 12.1 percent above the 5-Year average of 9.0 months of supply. Baldwin County's condo inventory-to-sales ratio is 4.1 months above equilibrium, indicating a continued transition where buyers typically have elevated bargaining power." January (By Month) January January January January Year Avg: Year Avg: 7.7 NOTE: This representation is based in whole or in part on data supplied by the reporting boards/associations of REALTORS or their Multiple Listing Service. The Alabama Center for Real Estate does not guarantee and is in no way responsible for its accuracy. Any Market data maintained by the Center does not necessarily include information on listings not published at the request of the seller, listings of brokers who are not members of a local board/association or MLS, unlisted properties, rental properties, etc. The statistics included in this report reflect the residential sales of houses, condominiums, and town homes. Historical Monthly Housing Statistics are available on the web at Alabama Center for Real Estate's homepage - Page 3 of 5

4 Sales Sales Monthly Condo Sales and Inventory Inventory Baldwin Condo Sales Baldwin Condos Inventory Historical Condo Sales and Inventory ,0 2,300 2, 1,900 1,700 1,0 1,300 1, Inventory Baldwin Condo Sales Baldwin Condo Inventory Page 4 of 5

5 Average Days on Market Average Days on Market and Median Sales Price ,000 5,000 4,000 3,000 2,000 Median Sales Price,000 Baldwin Condo DOM Baldwin Condo Median Price This report is compiled and brought to you by ACRE Research. You should not treat any information expressed in ACRE Reports a s a specific inducement to make a particular investment or follow a particular strategy. The Alabama Center for Real Estate (ACRE) and/or its partners/work product sponsors does not guarantee a nd is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. ACRE will not be liable for any loss or damage caused by your reliance on information contained in ACRE Reports. Page 5 of 5