Sales: According to the Baldwin Realtors, July residential sales increased 37.9% year-over-year from 649 to 895 closed transactions. Sales increased 1.4% from June, and are now up 8.4% year-to-date. After declining sales activity (Y/Y) in April and May, sales rebounded in June and July. 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 July declined 30.1% year-over-year from 2,875 to 2,011 listings. Months of supply (inventory to sales ratio) decreased from 4.4 to 2.2, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The Baldwin County median sales price in July was $254,230, an increase of 1.7% from one year ago and an increase of 0.5% from June. 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 July averaged 82 days on the market (DOM), 8 days faster than July 2019.
Forecast: July sales were 102 units, or 12.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 793 sales for the month, while actual sales were 895 units. ACRE forecast a total of 5,036 residential sales in the year-to-date, while there were 4,521 actual sales through July, a difference of 10.2%.
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 July 1 – 31, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the impact of COVID-19 on the housing market.
