Baldwin County Condo Report January 2019 Total Condo Sales Current Month January 2019 73 vs. Prior Month December 2018 97-24.7% vs. Last Year January 2018 101-27.7% vs. 5-Yr Avg January 14-'18 97-25.1% 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 2017 121-39.7% vs. Trough January 2009 36 102.8% Year to Date January 2018 73 vs.prior Year January 2017 101-27.7% 130 110 90 70 30 36 Baldwin Condos: Total Sales 121 73 ACRE Commentary Historical Home Sales Graph: January 2009-2019 Historical data indicates that January condo sales on average January 2018 101 (By Month) ( 14-18) decrease from December by 19.6 percent. The current January 2017 121 month's sales decreased 24.7 percent from the previous month." January 2016 89 January 2015 88 January 2014 88 5- Year Avg: 97 3- Year Avg: 104 Median Sales Price Current Month January 2019 330,000 vs. Prior Month December 2018 323,000 2.2% vs. Last Year January 2018 310,000 6.5% 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 2019 330,000 vs.prior Year January 2018 310,000 6.5% Baldwin Condos: Median Sales Price $400,000 368,7 $3,000 $300,000 $2,000 306,2 330,000 Median Peak January 2014 368,7-10.5% Trough January 2011 196,0 67.9% $200,000 $,000 196,0 ACRE Commentary Historical Median Selling Price Graph: January 2009-2019 Historical data indicates that January median sales prices on (By Month) January 2018 310,000 average ( 14-18) decrease 5.3 percent from the month of December. The current month's median price increased by 2.2 January 2017 290,000 percent from the prior month." January 2016 255,000 January 2015 255,000 January 2014 368,7 5- Year Avg: 295,7 3- Year Avg: 285,000 Page 1 of 5
Average Sales Prices Current Month January 2019 420,730 vs. Prior Month December 2018 378,081 11.3% vs. Last Year January 2018 364,263 15.5% vs. 5-Yr Avg January 14-'18 331,711 26.8% 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 2019 420,730 vs.prior Year January 2018 364,263 15.5% Average Peak January 2019 420,730 0.0% Trough January 2010 253,580 65.9% Baldwin Condos: Average Sales Price $5,000 $0,000 $4,000 $400,000 359,394 $3,000 $300,000 $2,000 $200,000 253,580 420,730 $,000 ACRE Commentary Historical data indicates that January average condo sales prices Historical Average Selling Price Graph: January 2009-2019 (By Month) on average ( 14-18) decrease 4.1 percent from the month of January 2018 364,263 December. The current average price increased 11.3 percent from January 2017 312,752 the prior month." January 2016 272,365 January 2015 293,998 January 2014 415,179 5-Year Avg: 331,711 3- Year Avg: 316,460 Days on Market (DOM) Current Month January 2019 85 vs. Prior Month December 2018 94-9.6% vs. Last Year January 2018 93-8.6% vs. 5-Yr Avg January 14-'18 138-38.3% 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 2018. Year to Date January 2019 85 vs.prior Year January 2018 93-8.6% 300 2 200 Baldwin Condos: Average Days on Market 182 246 85 ACRE Commentary Historical Average DOM Graph: January 2009-2019 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 (60-110 days) for the foreseeable future. January 2018 93 (By Month) January 2017 146 January 2016 155 January 2015 196 January 2014 99 5-Year Avg: 138 Page 2 of 5
Total Condos Listed for Sale Current Month January 2019 738 vs. Prior Month December 2018 694 6.3% vs. Last Year January 2018 713 3.5% vs. 5-Yr Avg January 14-'18 852-13.4% 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 2009 1,971-62.6% Trough January 2017 713 3.5% Baldwin Condos: Total Inventory for Sale 2, 1,971 1,900 1,700 1,0 1,300 1, 900 700 0 713 738 ACRE Commentary Historical Total Homes Listed Graph: January 2009-2019 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 2018 713 (By Month) January 2017 698 January 2016 923 January 2015 980 January 2014 947 5-Year Avg: 852 Inventory-to-Sales Ratio Current Month January 2019 10.1 vs. Prior Month December 2018 7.2 41.3% vs. Last Year January 2018 7.1 43.2% vs. 5-Yr Avg January 14-'18 9.0 12.1% 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 2017. I/S Ratio Peak January 2009 54.8-81.6% Trough January 2017 5.8 74.3% 60.0.0 40.0 30.0 20.0 10.0 0.0 Baldwin Condos: Months of Supply 54.8 5.8 10.1 ACRE Commentary Historical I/S Ratio Graph: January 2009-2019 "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 2018 7.1 (By Month) January 2017 5.8 January 2016 10.4 January 2015 11.1 January 2014 10.8 5-Year Avg: 9.0 3- 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 - www.acre.cba.ua.edu. Page 3 of 5
Sales Sales Monthly Condo Sales and Inventory 170 130 110 90 70 770 7 730 710 690 670 6 Inventory Baldwin Condo Sales Baldwin Condos Inventory Historical Condo Sales and Inventory 120 80 60 40 20 0 2,0 2,300 2, 1,900 1,700 1,0 1,300 1, 900 700 0 Inventory Baldwin Condo Sales Baldwin Condo Inventory Page 4 of 5
Average Days on Market Average Days on Market and Median Sales Price 300 2 200 6,000 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