Sales: According to the Baldwin Realtors, October residential sales decreased 8.6% year-over-year (Y/Y) from 778 to 711 closed transactions. Going with seasonal trends, sales decreased 18.7% from September. Sales are now up 21.4% 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 October declined 14.5% year-over-year from 1,621 to 1,386 active listings. At the current sales pace, all the active inventory on the market would sell in 1.9 months, up from 1.6 months in September and down from 2.1 months in October 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 October was $295,000, an increase of 14.7% from one year ago and an increase of 2.8% from September. 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 October averaged 26 days on the market (DOM) 45 days faster than October 2020.
Forecast: October sales were 2 units, or 0.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 713 sales for the month, while actual sales were 711 units. ACRE forecast a total of 7,423 residential sales year-to-date, while there were 8,206 actual sales through September, a difference of 10.6%.
New Construction: The 105 new homes sold represent 14.8% of all residential sales in September. Total sales decreased 42.0% year-over-year. The median sales price for new home sales was $294,826, an increase of 14.6% from one year ago and an increase of 6.4% from September.
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 October 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.