Sales: According to the Baldwin Realtors, May residential sales decreased 21.3% year-over-year (Y/Y) from 851 to 670 closed transactions. Sales increased 15.1% from April. Sales are down 30.0% 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 (2,058) increased 3.8% from April and increased 53.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.1 months, down from 3.4 months in April and up from 1.6 months in May 2022. 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 May was $362,875, an increase of 5.8% from one year ago and a decrease of 5.7% 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 57 days on the market (DOM), 32 days slower than May 2022.
Forecast: May sales were 18 units, or 2.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 688 sales for the month, while actual sales were 670 units. ACRE forecast a total of 3,002 sales in the area year-to-date, while there were 2,858 actual sales through May, a difference of 4.8%.
New Construction: The 170 new homes sold represent 25.4% of all residential sales in May. Total sales increased 1.8% year-over-year. The median sales price for new home sales was $362,875, an increase of 5.8% from one year ago and a decrease of 5.7% 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.
