A study conducted by The University of Alabama - Culverhouse College of Business showed just how desirable the real estate market on the Alabama Gulf Coast truly is. With data provided by the ACRE Alabama Cabinet, the second quarter of 2021 showed Baldwin County condo sales totaled 701 units, which reflects a 94.7% increase compared to the second quarter of 2020.
The following information was pulled directly from the report mentioned above.
Median Sales price - The median condo sales price in Baldwin County for the second quarter of 2021 was $420,833, a 36.3% increase from the second quarter of 2020's median selling price of $308,833. According to ACRE commentary, "compared to the historical data, the second quarter median price is 24.35% above the 3-year quarterly average and 34.6% above the 5-year quarterly average."
Average Sales Prices - The average condo selling price in Baldwin County for the 2nd quarter was $470,914, which is a 23.9% increase from the 2nd quarter of 2020's average selling price of $380,114.
Days on Market - The average number of days on the market for condos in the second quarter of 2021 was 48, which reflects a 35.9% decrease from last year. The ACRE stated that the 5-year DOM average for the second quarter is 111 days, 63 days higher than current results. Compared to historical data, the second quarter DOM is 57.2% below the 5-year quarterly average, and is 42.2% below the 3-year quarterly average.
If you'd like more information, or if you're wanting to place your condo on the market, don't hesitate to contact me. There's never a better time to sell than now.