Gulf Coast condo sales, including Gulf Shores Condos and Orange Beach condos, were both up monthly for May, as well as year-to-date, according to the Alabama Center for Real Estate (ACRE).
According to the Baldwin County Association of REALTORS MLS, Baldwin County condo sales, which include condos all along the Gulf Coast, totaled 153 units in May. Sales improved 7.7 percent from the same period a year earlier. Gulf Coast condo sales year-to-date through May are 12.9 percent above 2014.
May sales were 13 units above the monthly forecast. ACRE’s year-to-date sales forecast through May projected 554 closed transactions while the actual sales came in at 674 units.
Gulf Coast Condo Sales by the Numbers
The Baldwin County condo inventory totaled 1,050 units, a drop of 5.2 percent from May 2014. The inventory increased by 18 units or 1.7 percent from the prior month. This direction was in contrast with historical data indicating that May inventory on average (2010-2014) 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.
Gulf Coast 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 (2010-2014) increase from the month of April by 3.4 percent.
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 (2010-2014) that reflect the May median condo sales price on average decrease from the month of April by 7.0 percent. The median Gulf Coast condo sales price is 59.9 percent above the bottom for May of $163,250 established in 2011 (which was the year after oil spill).
If you’re thinking about buying a Gulf Shores condo or Orange Beach condo, call Malcolm Bond today, Toll-free: 866.981.4378. Malcolm represents buyers only and will work to find you the perfect vacation destination in Gulf Shores or Orange Beach. Find Malcolm Bond on Facebook and Twitter.