Baldwin County Condo Report February 2019 Total Condo Sales Current Month February 2019 93 vs. Prior Month January 2019 73 27.4% vs. Last Year February 2018 113-17.7% vs. 5-Yr Avg February 14-'18 120-22.2% Baldwin condo sales for February '19 totaled 93 units, representing a 17.7 percent decrease when compared to the 113 units that were sold in February '18. vs. Peak February 2014 128-27.3% vs. Trough February 2009 51 82.4% Year to Date February 2018 166 vs.prior Year February 2017 214-22.4% 30 51 Baldwin Condos: Total Sales 128 93 ACRE Commentary Historical Home Sales Graph: February 2009-2019 Historical data indicates that February condo sales on average February 2018 113 (By Month) ( 14-18) decrease from January by 25.2 percent. The current February 2017 114 month's sales decreased 27.4 percent from the previous month." February 2016 122 February 2015 121 February 2014 128 5- Year Avg: 120 3- Year Avg: 116 Median Sales Price Current Month February 2019 375,000 vs. Prior Month January 2019 330,000 13.6% vs. Last Year February 2018 330,000 13.6% vs. 5-Yr Avg February 14-'18 287,140 30.6% The median sales price for Baldwin County condominiums in February 2019 was $375,000, a 13.6 percent increase from February 2018's median sales price of $330,000. Year to Date February 2019 352,0 vs.prior Year February 2018 320,000 10.2% Baldwin Condos: Median Sales Price $400,000 375,000 $3,000 $300,000 235,000 $2,000 Median Peak February 2019 375,000 0.0% Trough February 2010 165,0 127.2% $200,000 $,000 165,0 ACRE Commentary Historical Median Selling Price Graph: February 2009-2019 Historical data indicates that February median sales prices on (By Month) February 2018 330,000 average ( 14-18) decrease 2.0 percent from the month of January. The current month's median price increased by 13.6 February 2017 289,100 percent from the prior month." February 2016 245,000 February 2015 271,600 February 2014 300,000 5- Year Avg: 287,140 3- Year Avg: 288,033 Page 1 of 5
Average Sales Prices Current Month February 2019 448,627 vs. Prior Month January 2018 420,730 6.6% vs. Last Year February 2018 362,200 23.9% vs. 5-Yr Avg February 14-'18 319,894 40.2% The average sales price for Baldwin County condominiums for February 2019 was $448,627, a 23.9 percent increase from February 2018's average sales price of $362,200. Year to Date February 2019 434,679 vs.prior Year February 2018 363,232 19.7% Baldwin Condos: Average Sales Price $5,000 $0,000 $4,000 $400,000 $3,000 302,100 $300,000 448,627 Average Peak February 2019 448,627 0.0% Trough February 2010 205,278 118.5% $2,000 $200,000 $,000 205,278 ACRE Commentary Historical data indicates that February average condo sales prices Historical Average Selling Price Graph: February 2009-2019 (By Month) on average ( 14-18) decrease 2.9 percent from the month of February 2018 362,200 January. The current average price increased 6.6 percent from the February 2017 324,989 prior month." February 2016 262,498 February 2015 294,555 February 2014 355,228 5-Year Avg: 319,894 3- Year Avg: 316,562 Days on Market (DOM) Current Month February 2019 85 vs. Prior Month January 2019 85 0.0% vs. Last Year February 2018 77 10.4% vs. 5-Yr Avg February 14-'18 148-42.6% The average number of days that a Baldwin County condominium was on the market in February 2019 was 85, representing a 10.6 percent increase from 77 days on the market in February 2018. Year to Date February 2019 85 vs.prior Year February 2018 85 0.0% 300 2 200 Baldwin Condos: Average Days on Market 222 208 100 77 85 ACRE Commentary Historical Average DOM Graph: February 2009-2019 The 5-year DOM average ( 14-18) for the month of February is 148 days, which is 63 days above the current results. DOM is anticipated to remain within the current range (60 - days) for the foreseeable future. February 2018 77 (By Month) February 2017 169 February 2016 197 February 2015 149 February 2014 148 5-Year Avg: 148 Page 2 of 5
Total Condos Listed for Sale Current Month February 2019 739 vs. Prior Month January 2019 738 0.1% vs. Last Year February 2018 6 4.7% vs. 5-Yr Avg February 14-'18 876-15.7% Baldwin County condominiums available for sale in February 2019 increased by 33 units when compared to the 6 condos listed for sale during the same period last year. Inventory Peak February 2009 1,941-61.9% Trough February 2017 6 4.7% Baldwin Condos: Total Inventory for Sale 2,100 1,941 1,0 1,0 1,0 1,300 1,100 0 0 0 6 739 ACRE Commentary Historical Total Homes Listed Graph: February 2009-2019 Historical data indicates that February condo inventory on average ( 14-18) increases from January by 2.9 percent. The current month's inventory increased 0.1 percent from the prior month. February 2018 6 (By Month) February 2017 755 February 2016 3 February 2015 999 February 2014 1,019 5-Year Avg: 876 Inventory-to-Sales Ratio 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 7.9 months of supply, down from the 10.1 months in January 2019 and up from 6.2 months in February 2018. Current Month February 2019 7.9 vs. Prior Month January 2019 10.1-21.4% vs. Last Year February 2018 6.2 27.2% vs. 5-Yr Avg February 14-'18 7.3 8.9% I/S Ratio Peak February 2009 38.1-79.1% Trough February 2018 6.2 28.2%.0 45.0 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 38.1 Baldwin Condos: Months of Supply 6.2 7.9 ACRE Commentary Historical I/S Ratio Graph: February 2009-2019 "February's 7.9 months of supply is 8.9 percent above the 5-Year average of 7.3 months of supply. Baldwin County's condo inventory-to-sales ratio is 1.3 months above equilibrium, indicating a continued transition where buyers typically have elevated bargaining power." February 2018 6.2 (By Month) February 2017 6.6 February 2016 7.4 February 2015 8.3 February 2014 8.0 5-Year Avg: 7.3 3- Year Avg: 6.8 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
Monthly Condo Sales and Inventory Sales 1 7 7 730 710 6 6 6 Inventory Baldwin Condo Sales Baldwin Condos Inventory Historical Condo Sales and Inventory Sales 120 100 80 60 40 20 0 2,0 2,300 2,100 1,0 1,0 1,0 1,300 1,100 0 0 0 Inventory Baldwin Condo Sales Baldwin Condo Inventory Page 4 of 5
Average Days on Market and Median Sales Price Average Days on Market 2 230 210 1 1 6,000 5,000 4,000 3,000 2,000,000 Median Sales Price 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 as 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 and 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