Sales: According to the Baldwin Realtors, September residential sales increased 44% year-over-year (Y/Y) from 607 to 874 closed transactions, ending two consecutive months of Y/Y declines. Going against seasonal trends, sales increased 4.3% from August. Sales are now up 25.3% 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 September declined 14% year-over-year from 1,623 to 1,421 active listings. At the current sales pace, all the active inventory on the market would sell in 1.6 months, down from 1.7 months in August and down from 2.7 months in September 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 September was $287,000, an increase of 13% from one year ago and a decrease of 4.3% from August. 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 September averaged 23 days on the market (DOM) a record low, and 40 days faster than September 2020.
Forecast: September sales were 160 units, or 22.4%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 714 sales for the month, while actual sales were 874 units. ACRE forecast a total of 6,710 residential sales year-to-date, while there were 7,495 actual sales through September, a difference of 11.7%.
New Construction: The 169 new homes sold represent 19.3% of all residential sales in September. Total sales increased 28.0% year-over-year. The median sales price for new home sales was $277,200, an increase of 9.2% from one year ago and an increase of 3.7% from August.
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 September 1 – 30, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.