Sales: According to the Baldwin Realtors, February residential sales increased 23.4% year-over-year (Y/Y) from 535 to 660 closed transactions, marking five consecutive months of Y/Y gains. Following seasonal trends, sales increased 22.2% from January. 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 February declined 63.2% year-over-year from 2,565 to 943 listings. Months of supply (inventory to sales ratio) decreased from 4.8 to 1.4, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The Baldwin County median sales price in February was $262,400, an increase of 1.3% from one year ago and an increase of 8.2% from January. 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 February averaged 59 days on the market (DOM), 28 days faster than February 2020.
Forecast: February sales were 70 units, or 11.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 590 sales for the month, while actual sales were 660 units. ACRE forecast a total of 1,154 residential sales year-to-date, while there were 1,200 actual sales through February, a difference of 4%.
New Construction: The 134 new homes sold represent 20.3% of all residential sales in February. Total sales increased 31.4% year-over-year. The median sales price for new home sales was $259,495, an increase of 5.3% from one year ago and an increase of 3.8% from January.
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 February 1 – 28, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results.