Sales: According to the Baldwin Realtors, May residential sales decreased 25% year-over-year from 732 to 549 closed transactions. The declining sales activity does include condo sales, which were down 45.4% in May. Following seasonal trends, sales increased 8.3% from April. Sales are down 3.7% year-to-date, and are likely to decline in the months amid the growing economic impact of COVID-19. 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 May declined 20.3% year-over-year from 2,974 to 2,371 listings. Months of supply (inventory to sales ratio) increased from 4.1 to 4.3, reflecting a market where seller’s generally have increased bargaining power.
Pricing: The Baldwin County median sales price in May was $246,650, a decrease of 3.1% from one year ago and a decrease of 2.4% from April. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Homes sold in May averaged 72 days on the market (DOM), 6 days faster than May 2019.
Forecast: May sales were 295 units, or 35%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 844 sales for the month, while actual sales were 549 units. ACRE forecast a total of 3,401 residential sales in the year-to-date, while there were 2,743 actual sales through May, a difference of 19.4%.
Click here to view the entire monthly report.
The Baldwin County Residential Monthly Report is developed in conjunction with the Baldwin Realtors to better serve Gulf Coast consumers.
Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period May 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.