Baldwin County days on the market hits record low in May

Sales: According to the Baldwin Realtors, May residential sales increased 51.7% year-over-year (Y/Y) from 549 to 833 closed transactions, marking seven consecutive months of Y/Y gains. Following seasonal trends, sales decreased 1.9% from April. Sales are now up 40.2% year-to-date. 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 59.9% year-over-year from 2,371 to 952 listings. Months of supply (inventory to sales ratio) decreased from 4.3 to 1.1, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The Baldwin County median sales price in May was $275,000, an increase of 11.49% from one year ago and a decrease of 2% 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 42 days on the market (DOM) a record low, and 30 days faster than May 2020.

Forecast: May sales were 18 units, or 2.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 815 sales for the month, while actual sales were 833 units. ACRE forecast a total of 3,513 residential sales year-to-date, while there were 3,846 actual sales through May, a difference of 9.5%.

New Construction: The 140 new homes sold represent 16.8% of all residential sales in May. Total sales increased 2.9% year-over-year. The median sales price for new home sales was $263,122, an increase of 6.7% from one year ago and a decrease of 2.9% from April.

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, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.

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