Sales: According to the Baldwin Realtors, October residential sales decreased 26.6% year-over-year (Y/Y) from 711 to 522 closed transactions. Sales decreased 25.4% from September. Sales are down 8.5% year-to-date. Two more resources to view: Quarterly Report and Annual Report.
For all of Baldwin County’s housing data, click here.
Inventory: October listings (1,904) increased 3.7% from September and increased 37.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.6 months, up from 2.6 months in September and up from 1.9 months in October 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-5 months of supply.
Pricing: The Baldwin County median sales price in October was $337,306, an increase of 14.3% from one year ago and a decrease of 0.7% 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 43 days on the market (DOM), 17 days faster than October 2021.
Forecast: October sales were 145 units, or 21.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 667 sales for the month, while actual sales were 522 units. ACRE forecast a total of 7,804 residential sales year-to-date, while there were 7,507 actual sales through October, a difference of 3.8%.
New Construction: The 123 new homes sold represent 23.6% of all residential sales in October. Total sales increased 17.1% year-over-year. The median sales price for new home sales was $337,306, an increase of 14.4% from one year ago and a decrease of 0.7% 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.
