Sales: According to the Baldwin Realtors, February residential sales decreased 34.8% year-over-year (Y/Y) from 771 to 503 closed transactions. Following seasonal trends, sales increased 18.1% from January. Sales are down 35.4% year-to-date. Two more resources to view: Quarterly Report and Annual Report.
For all of Baldwin County’s housing data, click here.
Inventory: February listings (1,771) decreased 2.6% from January and increased 120.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.5 months, down from 4.3 months in January and up from 1.0 months in February 2022. 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 February was $356,616, an increase of 9.7% from one year ago and an increase of 1.8% from January. 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 February averaged 67 days on the market (DOM), 28 days slower than February 2022.
Forecast: February sales were 17 units, or 4.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 520 sales for the month, while actual sales were 503 units. ACRE forecast a total of 972 sales in the area year-to-date, while there were 929 actual sales through February, a difference of 4.4%.
New Construction: The 145 new homes sold represent 28.8% of all residential sales in February. Total sales decreased 6.5% year-over-year. The median sales price for new home sales was $356,616, an increase of 14.5% from one year ago and an increase of 1.7% from January.
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.