Sales: According to the Baldwin Realtors, March residential sales increased 38.7% year-over-year (Y/Y) from 695 to 964 closed transactions, marking six consecutive months of Y/Y gains. Following seasonal trends, sales increased 46.1% from February. 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 62.9% year-over-year from 2,663 to 988 listings. Months of supply (inventory to sales ratio) decreased from 3.8 to 1.0, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The Baldwin County median sales price in March was $294,450, an increase of 3.8% from one year ago and an increase of 12.2% from February. 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 March averaged 55 days on the market (DOM), 30 days faster than March 2020.
Forecast: March sales were 175 units, or 22.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 789 sales for the month, while actual sales were 964 units. ACRE forecast a total of 1,943 residential sales year-to-date, while there were 2,164 actual sales through March, a difference of 11.4%.
New Construction: The 189 new homes sold represent 19.6% of all residential sales in March. Total sales increased 8.6% year-over-year. The median sales price for new home sales was $248,885, a decrease of 5.8% from one year ago and a decrease of 4.1% from February.
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 March 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.