Sales: According to the Baldwin Realtors, November residential sales increased 21.8% year-over-year (Y/Y) from 570 to 694 closed transactions. Following seasonal trends, sales decreased 2.4% from October. 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 November declined 15.6% year-over-year from 1,514 to 1,278 active listings. At the current sales pace, all the active inventory on the market would sell in 1.8 months, down from 1.9 months in October and down from 2.7 months in November 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 November was $305,000, an increase of 14.2% from one year ago and an increase of 3.4% from October. 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 November averaged 34 days on the market (DOM) 32 days faster than November 2020.
Forecast: November sales were 58 units, or 9.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 636 sales for the month, while actual sales were 694 units. ACRE forecast a total of 8,059 residential sales year-to-date, while there were 8,900 actual sales through November, a difference of 10.4%.
New Construction: The 105 new homes sold represent 17.3% of all residential sales in November. Total sales decreased 17.8% year-over-year. The median sales price for new home sales was $301,402, an increase of 19.2% from one year ago and an increase of 2.2% from October.
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 November 1 – 30, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.