Sales: According to the Baldwin Realtors, August residential sales decreased 1.8% year-over-year (Y/Y) from 853 to 838 closed transactions. Following seasonal trends, sales decreased 4.1% from July. Sales are now up 23.2% 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 August declined 23.8% year-over-year from 1,796 to 1,386 active listings. At the current sales pace, all the active inventory on the market would sell in 1.7 months, up from 1.4 months in July and down from 2.1 months in August 2020. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The Baldwin County median sales price in August was $299,900, an increase of 7.1% from one year ago and an increase of 3.2% from July. 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 August averaged 29 days on the market (DOM) a record low, and 55 days faster than August 2020.
Forecast: August sales were 32 units, or 4%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 806 sales for the month, while actual sales were 838 units. ACRE forecast a total of 5,996 residential sales year-to-date, while there were 6,621 actual sales through August, a difference of 10.4%.
New Construction: The 126 new homes sold represent 15% of all residential sales in August. Total sales decreased 23.2% year-over-year. The median sales price for new home sales was $267,302, a decrease of 9% from one year ago and a decrease of 8% from July.
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 August 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.