Sales: According to the Baldwin Realtors, May residential sales increased 2.2% year-over-year (Y/Y) from 833 to 851 closed transactions. Following seasonal trends, sales increased 5.7% from April. Sales are now up 6.1% year-to-date. Two more resources to view: Quarterly Report and Annual Report.
For all of Baldwin County’s housing data, click here.
Inventory: May listings (1,339) increased 27.8% from April and increased 40.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.6 months, up from 1.3 months in April and up from 1.1 months in May 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-6 months of supply.
Pricing: The Baldwin County median sales price in May was $342,900, an increase of 24.7% from one year ago and an increase of 0.9% 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 25 days on the market (DOM) 17 days faster than May 2021.
Forecast: May sales were 29 units, or 3.5%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 822 sales for the month, while actual sales were 851 units. ACRE forecast a total of 3,912 residential sales year-to-date, while there were 4,080 actual sales through May, a difference of 4.3%.
New Construction: The 167 new homes sold represent 19.6% of all residential sales in May. Total sales increased 19.3% year-over-year. The median sales price for new home sales was $342,900, a record high and an increase of 30.3% from one year ago and an increase of 10.2% 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.