Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period March 1 – 31, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the upcoming impact of COVID-19 on the housing market.
ACRE is posting coronavirus updates and commentary on the WIN, on our media platform exploRE and on our LinkedIn page.
Sales: According to the Baldwin Realtors, March residential sales increased 10.1% year-over-year from 631 to 695 closed transactions. Following seasonal trends, sales increased 29.9% from Febuary. Sales are now up 15.5% year-to-date, but are likely to moderate because of the COVID-19 pandemic. Two more resources to view: Quarterly Report and Annual Report.
For all of Baldwin County’s housing data, click here.
Inventory: Total homes listed for sale in March declined 10.6% year-over-year from 2,979 to 2,663 listings. Months of supply (inventory to sales ratio) dropped from 4.7 to 3.8, indicating a seller’s market in the area.
Pricing: The Baldwin County median sales price in March was $283,774, an increase of 14.7% from one year ago and an increase of 9.6% from the prior month. This indicator can fluctuate from month to month because of the sampling size of data and seasonal buying patterns. Homes sold in March averaged 85 days on the market (DOM), 2 days faster than March 2019.
Forecast: March sales were 48 units, or 6.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 743 sales for the month, while actual sales were 695 units. ACRE forecast a total of 1,803 residential sales in the year-to-date, while there were 1,687 actual sales through March, a difference of 6.4%.